Barclays Bank P L C v. A2z Infrastructure Ltd
$~3 * IN THE HIGH COURT OF DELHI AT NEW DELHI + CO.PET. 275/2014 & CA Nos.963-64/2014 BARCLAYS BANK P L C ..... Petitioner Through Mr. A.R.S. Sehgal and Ms. Richa Oberoi, Advocates.
versus A2Z INFRASTRUCTURE LTD ..... Respondent Through Mr. Atul Kumar, Advocate with Mr. Ankur Gupta, A.R.
CORAM:
HON'BLE MR. JUSTICE SUDERSHAN KUMAR MISRA
O R D E R
% 18.05.2016 Pursuant to reference to mediation in terms of the orders passed on 02.12.2015 by this Court, parties have settled the matter on terms recorded in a Settlement Agreement executed between the on 29.02.2016 before the Delhi High Court Mediation and Conciliation Centre. The report of the Mediator along with a copy of the said Agreement has been sent to this Court.
Both counsel approbate the said Agreement, and the obligation of their respective parties undertaken in terms thereof. The relevant terms have been set down in paragraph 6 of the Agreement and, admittedly, three post dated cheques mentioned therein are stated to have been duly handed over to the petitioner.
Counsel for the petitioner states that first two cheques for Rs.25 lakhs
each have been encashed. The remaining cheque of Rs.4,25,00,000/-, dated 31.08.2016 is yet to be presented for encashment during the period of its validity.
Counsel for the respondent undertakes to this Court on behalf of his client that the said cheque shall be duly encashed on presentation, and that his client shall ensure that the sufficient funds are maintained in the account of the respondent for this purpose at all times. He further undertakes to remain bound by all the terms and conditions set down in the aforesaid Agreement between the parties executed on 29.02.2016. These undertakings on behalf of the respondent company are accepted by this court, and the respondent shall remain bound by the same.
Counsel for the petitioner states that under the circumstances, he does not wish to press this petition any further whilst reserving the right of the petitioner to file any fresh petition seeking winding up of the company in case of any default; inter alia, on the ground on which the present petition has also been initiated; and to also initiate proceedings in contempt, in case the petitioner is so advised. He is permitted to do so. Consequently, and as prayed, the petition and all pending applications are disposed off in the above terms.
All interim orders stand vacated.
SUDERSHAN KUMAR MISRA, J MAY 18, 2016 dr