Uco Bank v. Vyas Acqua Products Pvt Ltd & ANR

$~35 * IN THE HIGH COURT OF DELHI AT NEW DELHI + RFA 506/2010 UCO BANK .....Appellant Through:

Mr. Rajesh Rattan, Adv.

versus VYAS ACQUA PRODUCTS PVT LTD & ANR .....Respondents Through:

Ms. Aditi Sharma, Adv.(VC)

CORAM:

HON'BLE MR. JUSTICE DINESH KUMAR SHARMA

O R D E R

% 08.01.2025 CM APPL. 374/2025 (seeking disbursal of decretal amount)

1. The present application has been moved seeking following prayers; a) Direct the Registry of this Hon'ble Court to disburse the deposited amount of Rs. 24,11,895 along with interest estimated to be Rs. 64.32 lakh as on 05.11.2024, equally between Vyas Acqua Products Pvt. Ltd. and UCO Bank in accordance with the terms of the settlement agreement dated 05.11.2024; and b) Pass such other and further orders as this Hon'ble Court may deem fit and proper in the interest of justice.

2. Learned counsel for the parties submit that the parties entered into a settlement agreement dated 05.11.2024, and this Court, taking the same into account, disposed of the appeal vide order dated 13.11.2024.

3. Learned counsel further submit that, as per the settlement agreement dated 05.11.2024, it was noted that a sum of ₹24,11,895/- was deposited by UCO Bank with the Registry of this Court on The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 24/01/2025 at 13:04:13

01.11.2010. It was further stated that, as per the agreement, the amount deposited by UCO Bank with the Registry of this Court, along with accrued interest, has been agreed to be distributed equally between the parties.

4. Both parties submit that, in terms of the settlement, the amount deposited, along with accrued interest, be distributed equally between them.

5. I have gone through the settlement agreement. The agreement specifies that the amount deposited by UCO Bank is to be distributed in equal shares, 50% each, along with the interest, to both the parties.

6. In view of the above, the present application is allowed.

7. The Registry is directed to release the amount deposited by UCO Bank on 01.11.2010, along with the accrued interest, in equal shares (50% each) to the parties within two weeks. Hence, the application stands disposed of.

DINESH KUMAR SHARMA, J JANUARY 8, 2025 Pallavi/NA The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 24/01/2025 at 13:04:13