Hanwha Corporation,Korea v. Hindustan Powerprojects Pvt Ltd

$~41 * IN THE HIGH COURT OF DELHI AT NEW DELHI + CO.PET. 100/2015 HANWHA CORPORATION, KOREA ..... Petitioner Through:

Mr.Vidur Bhatia, Mr. Suveer Dhyani and Mr.Akshay D., Advocates.

Versus

HINDUSTAN POWERPROJECTS PVT LTD.

..... Respondent Through:

Ms.Maneesha Dhir, Mr.Hemant Sharma and Mr.Milan Singh Negi, Advocates with Mr.Ratul Puri, Executive Director in person.

CORAM:

HON'BLE MR. JUSTICE SUDERSHAN KUMAR MISRA

O R D E R

% 30.05.2016 CA No.2096/2016 AND CO.PET. 100/2015 & CA Nos.514-15/2015 CA No.2096/2016 is a joint application moved by the parties stating that the matter has been amicably settled in terms of an agreement executed on 10th May, 2016, copy whereof has been annexed to this application. The application is supported by the affidavits of Mr.Jae Hong Park, Chief Executive Officer and AR of the petitioner company, as well as Ms.Minni Kataria, AR of the respondent company.

Counsel for both the parties approbate the terms set down in the aforesaid settlement and undertake to this Court to remain bound by the terms and conditions and the obligations of their respective clients, as mentioned therein.

On instructions of Mr.Ratul Puri, Executive Director of the

respondent company, counsel for the respondent specifically undertakes to this Court that all payments as envisaged in paragraph 1 of the settlement shall be made within the time envisaged therein; and that the respondent shall ensure that sufficient funds are available in the account of the company at all relevant times for this purpose.

Counsel for the petitioner also undertakes on behalf of his client that on receipt of the payments, as envisaged in paragraph 1, all obligations caste upon the petitioner shall be duly discharged. The undertakings of counsel for the parties are accepted by this Court and the parties shall remain bound by the same. As prayed, the petition and all pending applications stand disposed off in terms of the aforesaid directions.

The next date, i.e., 12th July, 2016 stands cancelled. SUDERSHAN KUMAR MISRA, J.

MAY 30, 2016 sb