IN THE HIGH COURT OF KARNATAKA, BENGALURU DATED THIS THE 30TH DAY OF AUGUST, 2019 PRESENT THE HON’BLE MRS. JUSTICE B.V.NAGARATHNA AND THE HON’BLE MR. JUSTICE ASHOK G.NIJAGANNAVAR O.S.A. No.7/2019 BETWEEN:
APOLLO DISTILLERS AND BREWERIES PVT. LTD., (EARLIER APOLLO DISTILLERIES PVT. LTD.) HAVING ITS REGISTERED OFFICES AT:
MIDFORD HOSUE, PLOT NO.205, AMIDFORD GARDENS, BENGALURU – 560 001 REPRESENTED BY ITS MR. JAMAL MOHIDEEN. ... APPELLANT (BY SRI P. CHINNAPPA, TEJAS C. SHETTY, VARUNI MOHAN, ADVOCATES) AND:
MOLSON COORS COBRA INDIA PVT. LTD., HAVING ITS REGISTERED OFFICE AT A-808, 8TH FLOOR, DLF TOWER-A DISTRICT CENTER JASOLA, NEW DELHI – 110 025 BY ITS COMPANY SECRETARY MR. AMIT GOEL. ... RESPONDENT (BY SRI B. PRAMOD, ADVOCATE) THIS OSA IS FILED UNDER SECTION 483 OF THE COMPANIES ACT READ WITH SECTION 4 OF THE KARNATAKA HIGH COURT ACT PRAYING TO CALL THE LOWER-COURT RECORDS AND TO SET ASIDE, THE FINAL ORDER DATED 07/06/2019 IN THE COMPANY PETITION NUMBER 120/2015 AND ETC., THIS APPEAL COMING ON FOR ADMISSION THIS DAY, NAGARATHNA J., DELIVERED THE FOLLOWING:-
J U D G M E N T Though this appeal is listed for admission, learned counsel for the respective parties submit that the parties have arrived at a settlement and therefore, the appeal could be disposed of in terms of the settlement arrived at between the parties. They further submit that the parties are private companies and are represented by their authorized representatives, who are present in Court namely, Sri Jamal Mohideen for the appellant/company and Sri Abhijit Kumar Mishra for the respondent/company. They have been identified by their respective counsel.
2. When queried, the representatives of the appellant and the respondent companies submitted that they have agreed to settle the dispute between the parties amicably and that the dues of the respondent shall be paid by the appellant to an extent of Rs.5.00 crore only in full and final settlement and that the respondent would have no further claim on the appellant. They further state that they have arrived at a settlement on their free volition without there being undue influence or coercion from any quarter.
2. Learned counsel for the respective parties submit that the joint memo has also been filed and therefore, this appeal could be allowed and disposed of in terms of the joint memo.
3. The joint memo, which is sealed and signed by the respective parties through their authorized signatories as well as learned counsel for the respective parties is taken on record and the same reads as under:
“JOINT MEMO The Appellant and the Respondent, without prejudice to their respective claims, contentions, remedies and rights in law and equity, most respectfully submit as under:
(a) The Respondent accepts, agrees, confirms and declares that towards the full and final settlement of all its claims and disputes against the Appellant, the Respondent has already received INR 2,75,00,000/- from the Appellant, till present date.
(b) The Respondent accepts, agrees, confirms and declares that towards the full and final settlement of all its claims and disputes against the Appellant, the payment of the balance sum of INR 2,25,00,000/- is being made by way of the Demand Draft dated 24.07.2019 and bearing no.826262.
(c) The Respondent accepts, confirms and declares that the Respondent has received the original of the aforesaid Demand Draft dated 24.07.2019, a true copy of which has been enclosed herewith as Document No.1. The aforesaid Demand Draft is presently pending encashment.
(d) The Respondent accepts, confirms and declares that all claims and disputes of the Respondents have, thus, been settled in full and final.
(e) In view of the settlement of the Respondent’s claims in terms of the above, it is most respectfully submitted that the Appellant has shown its ability to pay debts when found to be due and payable by it. Therefore, this Hon’ble High Court may be pleased to record the settlement of the Respondent’s claims and disputes raised in the Company Petition No.120/2015, and accordingly, set-aside the Final Order dated 07.06.2019 in Company Petition No.120/2015 as passed by this Hon’ble High Court.
WHEREFORE it is most humbly prayed that this Hon’ble High Court be pleased to accept the present Memo on record and allow the above Appeal and set-aside the Final Order dated 07.06.2019 in Company Petition No.120/2015 passed by this Hon’ble High Court, in the interests of justice and equity.”
4. Learned counsel for the appellant submits that during the pendency of Company Petition No.120/2015, a sum of Rs.2,75,00,000/- was paid to the respondent and today (30/08/2019), a demand draft bearing No.826262, dated 24/07/2019, drawn on Andhra Bank, Chennai – 600 031, for a sum of Rs.2,25,00,000/- is being handed over to the respondent in full and final settlement of the claim of the respondent.
5. Learned counsel for the respondent acknowledges receipt of the said demand draft and submits that there is no further claim of the respondent on the appellant.
6. Learned counsel for the respective parties submit that in view of the amicable settlement arrived at between the parties, the impugned order of the learned company single Judge may be set aside.
7. Having heard learned counsel for the respective parties and on perusal of the joint memo, we find that the terms of the settlement are lawful and that there is no legal impediment for accepting the same and disposing of this appeal in terms of the settlement arrived at between the parties.
8. In the result, the impugned order dated 07/06/2019, passed by the learned company single Judge in Company Petition No.120/2015 is set aside and the appeal is allowed and disposed of in the aforesaid terms.
Parties to bear their respective costs.
Sd/- JUDGE Sd/- JUDGE S*