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Judgment
09.04.2024 Shorn of unnecessary details, the Respondent has made an offer of settlement which has been accepted by the Appellant vide its letter dated 22.03.2022 which is reproduced as under :-
Mercedes-Benz Financial Services
"Without Prejudice"
Date: 22-03-2024
To,
MASS METALS PVT LTD
PLOTNO 284 EHC ROADLAXMI NAGAR RANAPRATAP NAGARRANAPRATAP NAGARLAXMI NAGAR, Maharashtra, 440022
Sub: Settlement Offer Letter for Loan Agreement No – 10117359.
Dear Sir / Madam,
This is with reference to your request to pay Rs.1270000/- (Rupees Twelve Lakh Twenty-Seven Thousand Only) to settle the Loan account.
We Mercedes-Benz financial services India Pvt. Ltd. (Formerly known as Daimler Financial Services India Pvt. LTd.) hereby pleased to inform you that your request for settlement of the loan account has been accepted.
We request you to pay Rs.1270000/- (Rupees Twelve Lakh Twenty-Seven Thousand Only) Settlement on or before 29-May-2024.
Repayment Amount 29.3.2024 430000 29.4.2024 420000 29.5.2024 420000 Total 1270000 Please note that this offer is valid up to: 29/5/2024, subject to realization of the payment as per payment schedule.
Kindly note that timely payment in the manner aforesaid is the essence of this settlement offered to you. In the event of this payment not made by you as per payment schedule for any
Mercedes-Benz Financial Services India Private Limited (Formerly known as Daimler Financial Services India Pvt. Ltd) |
Registered Office: 5th Floor, Plot 8, Baashyam Willow Square 9 & 10, First Street, Thiru-Vika Industrial Estate, Guindy, Chennai-600032, Tamil Nadu, India,
CIN: U67190TN2010FTC077890 | www.mercedes-benz-financialservices.in | [email protected] |
Counsel for the Appellant submits that he would file an application for withdrawal of the appeal after the entire payment is made.
Counsel for the Respondent submits that the payment shall be made in terms of the settlement and in case there is any breach on their part, the Appellant may be given a right to file an application for revival of the main appeal.
In view of the above facts and circumstances and the fact that a settlement has arrived between the parties, the present appeal has become infructuous, however, the Appellant is granted liberty to file an appropriate application, if in case of any breach of the terms & condition of the settlement, for the purpose of revival of the main appeal.
Both the parties shall be bound by this Agreement of Settlement.