Aditya Birla Finance Ltd. v. Umed Creation And ANR.

(3)CARAPL-25313-2021-corrected.doc rajshree

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

Digitally signed by RAJSHREE KISHOR MORE Date:

2023.08.01 10:11:24 +0530 ORDINARY ORIGINAL CIVIL JURISDICTION RAJSHREE KISHOR MORE IN ITS COMMERCIAL DIVISION COMMERCIAL ARBITRATION APPLICATION (L) NO.25313 OF 2021 Aditya Birla Finance Limited ] ..

Applicant vs.

M/s.Umed Creation & Anr.

] ..

Respondent Mr.Vishal Maheshwari i/b VM Legal for the Applicant. Mr.Shavez Mukri i/b A & G Legal Associates LLP for the Respondent. CORAM :

BHARATI DANGRE, J DATE :

26th June, 2023.

P.C.

1] The Arbitration Petition deserve disposal in the light of the understanding recorded between the parties and contained in form of 'Settlement Deed' dated 03.05.2023 and with a further undertaking on behalf of the Applicant to the effect that defaults in timeline agreed in terms of Settlement shall be cured and entire payment as set out shall be cleared on or before 20.09.2023.

2] The Settlement Deed executed between the parties specifically record that the lender has agreed and confirmed full and final settlement of Rs.51 Lakhs towards term loan in the two loan accounts. It is mutually agreed that an amount of Rs.35,00,000/- shall be directly paid to the lender on behalf of the Associate on or before 10.05.2023. There is no dispute about this payment being received. 1/2

(3)CARAPL-25313-2021-corrected.doc 3] As far as balance amount of Rs.16,00,000/- is concerned, which was agreed to be paid by the Associate directly to the Lender , in the installments set out in the "Terms of Settlement", the learned counsel for the Respondent admit that there was default as no payment was made as scheduled on or before 10.05.2023 and before 20.05.2023, but he would submit that on account of some financial crunches, the installments could not be cleared.

He would make a specific statement that the three installments to the tune of Rs.7,00,000/- (Rs.2 Lakh + Rs.2 Lakh + Rs.3 Lakh) which is to be paid on or before 20.06.2023, shall be cleared within 15 days from today. He also make a categorically statement that installment Nos.4, 5 and 6 shall be duly paid within the time line set out in the Terms of Settlement.

4] Accepting the said statement to be an Undertaking before this court, I deem it appropriate to dispose off the Arbitration Application in terms of the Settlement Deed and further Understanding that the remaining installments shall be cleared in the manner as stated above. In the wake of above, Arbitration Application stands disposed off. [BHARATI DANGRE, J] This order stands corrected as per Speaking to Minutes of order dated 31.07.2023. 2/2