Court orders defendants to pay Rs. 4,00,00,000/- + interest to plaintiff within 12 weeks

The court decreed the civil suit in favor of the plaintiff, directing the defendants to pay Rs. 4,00,00,000/- with 12% interest within twelve weeks. The defendants were required to pay 25% of the principal sum, Rs. 1,00,00,000/-, by a specified date, with failure resulting in a full decree in favor of the plaintiff. Both parties' statements were accepted, binding them to the agreed payment terms.

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Issues: Settlement agreement on payment terms in a civil suit.

In this judgment, the main issue revolved around a civil suit where the plaintiff's counsel informed the court about a change in management and the acceptance of the defendants' offer of payment. The plaintiff agreed to accept a payment of Rs. 4,00,00,000/- along with 12% per annum interest, subject to the condition that 25% of the principal sum is paid within one week. The defendants, represented by their Managing Director, agreed to pay 25% of the principal sum within six weeks and the remaining balance with accrued interest within eight weeks thereafter. Both parties' statements were accepted by the court, binding them to the agreed terms.

The court directed the defendants to pay Rs. 4,00,00,000/- along with 12% per annum interest within twelve weeks, with the initial 25% of the principal sum, i.e., Rs. 1,00,00,000/- to be paid on or before 7th July, 2015. It was further agreed that failure to pay the 25% of the principal amount within the stipulated time would result in the entire suit being decreed in favor of the plaintiff. Consequently, the court decreed the present suit in favor of the plaintiff based on the agreed terms, instructing the registry to prepare a decree sheet.

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