IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH
FAO No. 3653 of 2008
Date of decision : July 21, 2009
Arun Kumar and another
Appellants
Versus
IndusInd Bank Ltd.
Respondent
CORAM : HON'BLE MS. JUSTICE NIRMALJIT KAUR
Present : Mr. Dhiraj Chawla, Advocate
for the appellants
Mr. K.S. Jetli, Advocate
for the respondents
NIRMALJIT KAUR, J. (ORAL)
The Addl. District Judge vide order dated 12.8.2008 had
disposed of the petition under Section 9 of the Arbitration and
Conciliation Act, 1996 with a direction that the appellants herein will
deposit the security to the tune of Rs. 70,000/- within a period of four
weeks from today. The appellants challenged the same by way of
the present appeal.
Learned counsel for the parties jointly state that the
matter has been compromised between the parties outside the Court.
Mr. Dhiraj Chawla, learned counsel for the appellants on instructions
states that the appellant – Arun Kumar shall deposit Rs. 20,000/- with
the respondent bank within one month from today, failing which he
will be liable for the entire amount as directed by Addl. District Judge
in his order dated 12.8.2008 to the tune of Rs. 39,988.70 paisa
alongwith interest at the rate of 36% per annum as stipulated in the
agreement itself.
Mr. K.S. Jetli, learned counsel for the respondents on
instructions states that the respondent bank accepts the said offer.
FAO No. 3653 of 2008 2
In view of the statement made by learned counsel for the
parties on instructions from the respective parties, the present appeal
is disposed of in the above terms of the statement made before this
Court. The said statement made by learned counsels will be binding
on the parties concerned.
Disposed of.
(Nirmaljit Kaur)
21.07.2009 Judge
reena