FA/1375/2007 3/ 3 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD FIRST APPEAL No. 1375 of 2007 With FIRST APPEAL No. 3884 of 2006 With CIVIL APPLICATION No. 5103 of 2007 In FIRST APPEAL No. 1375 of 2007 With CIVIL APPLICATION No. 11979 of 2006 In FIRST APPEAL No. 3884 of 2006 ====================================== P.V.D. PLAST MOLD INDUSTRIES LTD. - Appellant(s) Versus FARGO INDUSTRIES PVT. LTD. - Defendant(s) ====================================== Appearance : MR HS MUNSHAW for Appellant(s) : 1, MS MO NARSINGHANI for Defendant(s) : 1, ====================================== CORAM : HONOURABLE THE CHIEF JUSTICE Y.R.MEENA and HONOURABLE MR.JUSTICE J.C.UPADHYAYA Date : 20/06/2008 ORAL ORDER
At
the outset, learned counsels for the parties submit that the matter
has been settled out of the Court and copy of the settlement
agreement is placed before us. The settlement agreement be taken on
record. Learned counsels for the parties jointly pray that both these
appeals and connected Civil Applications be disposed of in light and
in terms of the settlement agreement arrived at between the parties.
The terms of the settlement agreement are reproduced as under:
ýSThis
agreement of settlement of dispute made and entered this 29th
day of May, 2008 at Bombay by and between M/s. Fiberweb (India) Ltd.,
a company having its office at Amee Co. Op. Housing Society, GIDC
Vapi District.Valsad, Gujarat hereinafter referred to as party of the
First Part and M/s FARGO INDUSTRIES PVT. LTD. a company having its
Regd. Office at 21, Shakti Niwas, Ramchandra Lane, Malad (west)
Mumbai, 400 064, and represented by Mr.RAJU AKBAR AJANI on behalf of
the company hereafter referred at Party of the Second Part.
Whereby
an agreement dated 28th December, 1995 the party of the
First Part had agreed to sell their land at Plot No.80 GIDC Vapi
District Valsad which was actually mortgaged to Bank of India, Mumbai
as such the transaction could not be completed
The
Party of the Second Part, Fargo Industries Pvt. Ltd. filed a suit
against the party of the First Part in Valsad Civil Court and after
the judgment in case No.94/1997 both parties have preferred appeal
before Hon.Gujarat High Court, at Ahmedabad vide Case No.
(A) 3884
of 2006 and Civil Application No.11979 of 2006 filed by Fargo Ind
Pvt. Ltd for relief of specific performance, i.e. possession of land.
(B) 1375
of 2007 filed by PVD PLAST MOULD IND LTD. against the judgment and
decree of Valsad Court for payment with interest at 24 % p.a.
Whereas
as per the hearing by Hon’ble Gujarat High Court and suggestion to
the parties to arrive at an out of court settlement, the both parties
have mutually settled the dispute by;
Canceling
the original agreement dated 28th December, 1995 in lieu
of the party of the First part paying Rs.45.00 Lacs by pay order
No.403408 dated 29.05.2008 on Dena Bank, Mumbai against Rs.12.00
Lacs paid by the party of the Second Part at the time of agreement
dated 28.12.1995.
Party
of the First Part and party of the Second Part have settled their
dispute and agreed to withdraw unconditionally the pending suits as
above before Hon’ble Gujarat High Court at Ahmedabad.
Both
parties here to discharge each other from any liability under the
agreement dated 28.12.1995.
The
payment of Rs.45.00 Lacs by PVD Plast Mould Industries Ltd. (now
Fiberweb (India) Ltd. to Fargo Ind. Pvt. Ltd. the entire issue and
accordingly the litigation comes to an end as it is towards full and
final settlement of the Dispute between the parties.
In
witness where of the parties have put hands and seal day and year
herein above mentioned.
Signed
Sealed and Delivered by the )
within
named Fiberweb (India) Ltd. )
Sd/-
illegible
By
Shri Pravin V. Sheth, in presence of)
Signed
Sealed and Delivered by the )
within
named Fargo Industries Pvt.Ltd. )
Sd/-
illegible
By
Shri Raju Akbar Ajani, in presence of)ýý
When
the dispute involved in the matter has been settled out of Court in
terms of the settlement which are reproduced above in the order, both
the appeals stand disposed of in light of the terms of the settlement
agreement.
Consequently,
connected Civil Applications also stand disposed of.
(
Y. R. MEENA, C. J. )
(
J. C. UPADHYAYA, J. )
kailash