The Hutti Gold Mines Limited vs M/s. Vinay Heavy Equipments

The appellant being aggrieved by the impugned judgment and decree dated 13/01/2010 passed in A.S. No. 10/2003 on the file of the VI Additional City Civil Judge, Bangalore, has presented this appeal. Learned counsel for the appellant and learned counsel for the respondent have submitted that, the matter between the parties has been settled out of Court and they have filed a Joint Memo dated 19th April 2012, duly signed by both the parties who are present before the Court and attested by their respective counsel. Therefore, they submitted that, the instant appeal may be disposed of in terms of the said joint memo by modifying the impugned Judgment and Decree passed by the Trial Court.

The terms and conditions of the Joint Memo dated 19th April 2012 reads as under:-

TERMS OF SETTLEMENT

It is agreed by both the parties that an amount of Rs. 30,00,000/- (Rupees Thirty Lakhs Only) shall be paid to the respondent i.e., M/s. Vinay Heavy Equipments by Cheque No. 006052 dated 18/04/2012 drawn on Union Bank of India, in full and final settlement of all the dues and claims arising out of the agreement dated 11/05/1999 and the Arbitration award dated 15th March 2002 and the reliefs awarded by the learned Sole Arbitrator including interest if any upto the date of this settlement and the judgment dated 13/01/2010 and all other issues and claims arising out of the award dated 15/03/2002.

The respondent states that he has no more claims what so ever against the appellant Company in respect of the agreement dated 11.5.1999 and the Arbitration award dated 15th March 2002 and the judgment dated 13.01.2010 and he has received the above amount of Rs. 30 Lakhs in full and final settlement of all his claims and dues as above.

The respondent agree that he has entered into this settlement voluntarily and he shall not raise any dispute in respect of the matters connected with award passed by the learned Sole Arbitrator which is under challenge before this Hon''ble Court.

Both the parties respectfully pray that this Hon''ble Court be pleased to dispose off the appeal in terms of the settlement in the interest of justice and equity.

Placing the submissions made by learned counsel for both the parties, the statements and the terms of settlement of the Joint Memo on record, the instant appeal is disposed of in terms of the settlement in the joint memo. The impugned Judgment and Decree dated 13/01/2010 passed in A.S. No. 10/2003, passed by the VI Additional City Civil Judge, Bangalore City is hereby modified in terms of the settlement in the joint memo.

Office is directed to draw the decree in terms of settlement of the Joint Memo. Ordered accordingly.