2022 (11) TMI 1040

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.... A compromise is stated to have been effected between the parties and decree of compromise dated 24.09.2022, has been placed on record. The background facts are as herein given:- That, initially, the Party of First Part (Hero Cycles Limited, CR Division) had business dealings with Party of Second Part (Atma Tubes Products Limited and Deepak Singh, its Managing Director). During the course of the business transactions, various purchases were made vide bills/invoices on credit basis, for manufacturing and sale of their ERW Precision Steel Tubes, with the condition/deed of compromise that they would make the payment of each credit bill/invoice within a period of 30 days, to the party of the first part. However, till 24.03.2005, an amount....

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....h complaint to the party of the second part. During the pendency of the aforesaid complaints, eight separate summary-recovery suits under Order 37 of CPC of Rs.1,27,00,000/- each were also filed, to recover the principal amount of dishonoured cheques, together with the interest of Rs.27 lakhs and in the said suits, even, Deepak Singh was impleaded as party. In the said suits, a prayer was made for joint or several decree of Rs.1,27,00,000, as part payment, out of the principal amount. The liability, as such, was duly acknowledged and agreed, vide deed of compromise dated 05.10.2005 of Rs.1,27,00,000/- in each of the suits and 'leave to defend' was granted to Atma Tubes Products Limited, subject to the furnishing security to the t....

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....passed by the Hon'ble Supreme Court, in contempt case (Civil) No.417 of 2021 and in consonance with the aforesaid order, the requisite amount was deposited and invested in the form of FDR. In the backdrop of aforesaid litigation, now compromise has been effected between the parties. Both the parties have agreed about payment of Rs.1 crore each in aforesaid suit bearing Nos.60, 61, 62, 63, 64, 65, 66 and 67 of 2017, along with proportionate interest amount, so as to make the total of the entire decretal amount, equal to the extent of amount of Rs.8.35 crore, lying deposited, alongwith up-to-date interest, which accrued on the basis of the amount deposited in the form of FDRs. The party of second part i.e. Atma Tubes Products Limited h....