Fortunately for this Court, it is not necessary to go into the details of the case for the simple reason that the parties have arrived at a settlement and terms of settlement have been forwarded to this Court. 2. In the light of the settlement, the order in E.P.No.43/2010 in ARC No.163/2003 is set aside and an order incorporating the terms of settlement produced is passed in the following terms:
“1. The Debtors namely the petitioner and the 2nd and the 3rd respondent in the above Original petition accept the Award amount and the future interest thereon as per the terms of the agreement. (The net outstanding liability as on 30.09.2014 being Rs.4,64,158/- (Rupees Four Lakhs Sixty Four Thousand One Hundred and Fifty Eight only).
O.P.(C) No.1411/2014 2
2. The 1st respondent Society has agreed to accept the whole liability amount in monthly installments of Rs.50,000/- payable on or before the 5th of every month until complete payment of the liability computed as above, the first installment payment starting from 5th November, 2014.
3. Consecutive two defaults in such payment will entitle the 1st respondent society to recover the whole amount remaining as on such date.
4. If the debtors (petitioner and respondents 2 & 3) pay the whole amount on or before 30-11-2014, the 1st respondent society will grant a concession of interest computed @ ½ % per annum on the award amount from the date of award till payment.
5. The parties shall bear their respective costs of proceedings”.
The settlement shall form part of the order.
Sd/-
smp P.BHAVADASAN JUDGE