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Judgment
When the Civil Miscellaneous Appeal is taken up for hearing, learned counsel on either side submitted that the parties had settled the matter out
of Court and also entered into a joint memorandum of compromise dated 01.02.2018.
The learned counsel appearing for the 1st respondent produced the joint memorandum of compromise signed by the parties as well as by their
respective counsel.
In the joint memorandum of compromise, the parties had stated that they agreed that the Garnishee M/s.Wipro Limited, the respondents 2 to 6
shall pay directly to the 1st respondent a sum of Rs.40,00,000/- (Rupees forty lakhs only) from and out of the amount attached in their hands
pursuant to the Garnishee order passed by the learned Arbitrator on 21.09.2017 in the Arbitration proceedings. Further, it was agreed that the
said Garnishee shall release the balance amount to the appellants after paying the said sum of Rs.40,00,000/- to the 1st respondent. Further it was
agreed that the 1st respondent shall adjust a sum of Rs.40,00,000/- against the amount of Rs.69,58,574/- and the balance sum of Rs.29,58,574/-
shall be paid with interest at the rate of 19.50 % in 22 monthly installments as set out in the joint memorandum of compromise dated 01.02.2018.
The parties also agreed that in the event of the appellants committing default in paying the amount as stated in the joint memorandum of
compromise, the 1st respondent is entitled to initiate fresh arbitral proceedings against the appellants jointly and severally for recovery of the
amount due with further interest and costs as set out in the agreement dated 31.10.2016 after giving credit to the payment made. The joint
memorandum of compromise produced by the 1st respondent shall form part of the record.
The learned counsel on either side submitted that the Civil Miscellaneous Appeal may be disposed of in terms of joint memorandum of
compromise.
Having regard to the the submissions made by the learned counsel on either side, the Civil Miscellaneous Appeal is disposed of in terms of the
joint memorandum of compromise. The joint memorandum of compromise dated 01.02.2018 shall form part of the decree in the appeal. No
costs. Consequently, connected miscellaneous petitions are closed.