Delhi High Court - Orders
Sharad Mehra vs Sanjay Mehra & Ors on 27 April, 2023
Author: Najmi Waziri
Bench: Najmi Waziri, Sudhir Kumar Jain
$~32
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ FAO(OS) (COMM) 280/2022
SHARAD MEHRA ..... Appellant
Through: Mr. Jayant Mehta, Sr. Advocate with
Mr. Nikhil Singhvi, Mr. L. Badri
Narayanan, Mr. Yogendra Aldak, Mr.
Karan Sachdev, Mr. Kunal Arora, Mr.
Shikhar Kishore, Mr. Archit Gupta,
Ms. Bhavya Shukla, Mr. Pranav
Mundra and Mr. Milind Raj Dixit,
Advocates with appellant in person.
versus
SANJAY MEHRA & ORS. ..... Respondents
Through: Mr. Akhil Sibal, Sr. Advocates with
Mr. Manish Biala, Mr. Devesh Ratan,
Mr. Asavari Jain, Ms. Sanya Kumar,
Mr. Shreyek Gupta, Ms. Manisha
Sharma and Mr. Shravan
Chandrashekhar, Advocates with R-1
in person.
CORAM:
HON'BLE MR. JUSTICE NAJMI WAZIRI
HON'BLE MR. JUSTICE SUDHIR KUMAR JAIN
ORDER
% 27.04.2023 The hearing has been conducted through hybrid mode (physical and virtual hearing).
CM APPL. 11982/2023 (By appellant for directions)
1. The Terms of Settlement ('TOS') has been signed between the parties today and countersigned by their counsel. In effect, it has removed all Signature Not Verified Digitally Signed By:KAMLESH KUMAR Signing Date:27.04.2023 19:27:11 obstacles apropos the demerger of the parent company, i.e. M/s Superon Schweisstechnik India Ltd ('SSIL'), which is sought to be achieved through the proceedings pending before the NCLT.
2. It is agreed by the parties that the Memorandum of Family Settlement (MOFS) dated 10.09.2021 shall be read in consonance with the TOS. Two original copies of the TOS with the signatures of the parties and their counsel have been handed over to the court in a sealed cover. The sealed cover too has been signed. The same is taken on record and shall be kept in safe custody by the Registry till further orders. The terms thereof shall not be made public nor be disclosed to any authority, till the demerger goes through. Even the draft of the TOS shall be kept confidential by the parties. An undertaking of the parties in terms of the TOS, as well as in terms of this order shall be filed by the parties by tomorrow, which too shall be kept in a sealed cover.
3. The parties have been pursuing the process of settlement for quite some time and are desirous of expediting the process of demerger. For pursuing their objective, in letter and spirit, they agree to approach the NCLT preferably within a week, for conclusion of the proceedings in terms of a consent affidavit to be filed by the parties. They agree to file the consent affidavit on or before 04.05.2023. They say that they would request the NCLT to take up the matter on an urgent basis. The court is confident that once the consent affidavit is filed, the NCLT will consider the request of the parties for expeditious disposal of their case.
4. The assistance of the learned counsel for the parties in facilitating the TOS is acknowledged.
Signature Not Verified Digitally Signed By:KAMLESH KUMAR Signing Date:27.04.2023 19:27:115. At joint request of the learned counsel for the parties, re-notify on 12.05.2023.
NAJMI WAZIRI, J SUDHIR KUMAR JAIN, J APRIL 27, 2023 SS Signature Not Verified Digitally Signed By:KAMLESH KUMAR Signing Date:27.04.2023 19:27:11