2021 (12) TMI 1396

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....lal, AOR ORDER The present contempt proceedings have been initiated by the original plaintiffs alleging disobedience of the order dated 30.08.2019 passed by this Court in SLP (C) No. 21032 of 2019. In the aforesaid proceedings, the Terms of Settlement arrived at between the parties was placed on record and it was prayed to dispose of the aforesaid Special Leave Petition in terms of the Settlement. By an order dated 30.08.2019, this Court disposed of the Special Leave Petition in terms of the compromise arrived at between the parties. Under the Terms of Settlement agreed between the parties, the respondent-herein was required to execute the Sale Deed with respect to the property in question in favour of the petitioners herein - o....

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....aid that there was suppression of material facts. The respondent is a party to the aforesaid Suits filed by Hero Cycles Limited as Defendant Nos. 2 & 3. The particulars of those Suits [Hero Cycles Ltd. vs. Atma Tube Products Ltd. & Ors.] pending before the Commercial Court, Ludhiana, are as under: 1. CS/60/2017 2. CS/61/2017 3. CS/62/2017 4. CS/63/2017 5. CS/64/2017 6. CS/65/2017 7. CS/66/2017 8. CS/67/2017 Therefore, the suppression of the aforesaid material facts would warrant action under the provisions of the Contempt of Courts Act. On considering the fact that Respondent No.1 has agreed that on deposit of the entire balance sale consideration of Rs. 8,35,00,000/- by the petitioners herein - original plaintiffs w....

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....over by the Respondent No.1 to the petitioners herein - original plaintiffs. We direct the Commercial Court, Ludhiana to invest the aforesaid amount to be deposited by the petitioners, as observed herein above, in the name of the Respondent No.1 herein - original Defendant Nos. 2 & 3 in a Fixed Deposit in any nationalized Bank and the same shall be appropriated subject to the ultimate outcome of the aforesaid Commercial Suits. If the aforesaid Suits are decreed in favour of the original plaintiffs - Hero Cycles Limited and in case the Commercial Court holds in favour of the respondent No.1 herein, in that case, subject to the order that may be passed by the DRT-II Chandigarh, if any, the said amount be paid to the Respondent No.1. The....