Delhi High Court - Orders
Rakesh Kumar Gupta vs Bhatia Finvest Pvt Ltd on 1 August, 2024
Author: Rajiv Shakdher
Bench: Rajiv Shakdher, Amit Bansal
$~4
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ EFA(OS) (COMM) 2/2023 & CM APPL. 37073/2023
RAKESH KUMAR GUPTA .....Appellant
Through: Mr Arvind Nayar, Sr Adv. with Mr
Akshay Joshi and Mr Vibhor Kush,
Advs.
versus
BHATIA FINVEST PVT LTD .....Respondent
Through: Mr Sunil Dalal, Sr Adv. with Mr Nikhil
Beniwal, Mr Mahabir Singh and Mr
Vikram Singh Dalal, Advs.
CORAM:
HON'BLE MR. JUSTICE RAJIV SHAKDHER
HON'BLE MR. JUSTICE AMIT BANSAL
ORDER
% 01.08.2024 [Physical Hearing/Hybrid Hearing (as per request)] CM No.37073/2023 [Application filed on behalf of the appellant seeking restoration of the appeal]
1. This is an application filed on behalf of the appellant seeking recall of the order dated 10.07.2023 passed in the instant appeal.
2. In view of the fact that the parties have arrived at a settlement, the terms of which are noted hereafter, the order dated 10.07.2023 is recalled.
EFA(OS) (COMM) 2/2023 page 1 of 5 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 06/08/2024 at 01:42:25
3. The appeal is restored to its original number and position.
4. The application is, accordingly, disposed of. EFA(OS) (COMM) 2/2023
5. We have heard the learned counsel for the parties for some time.
6. After arguments, the learned counsel for the parties, based on instructions received from their respective clients, have agreed that the appeal can be disposed of on the following terms:
(i) The appellant will pay to the respondent Rs.1,89,00,000/- towards full and final settlement of all outstanding dues, as per the schedule given hereafter:
Sr.No. Month Principal Amount(Rs.)
1. Down Payment 50,00,000/-
2. September 2024 9,26,666/-
3. October 2024 9,26,666/-
4. November 2024 9,26,666/-
5. December 2024 9,26,666/-
6. January 2025 9,26,666/-
7. February 2025 9,26,666/-
8. March 2025 9,26,666/-
9. April 2025 9,26,666/-
10. June 2025 9,26,666/-
11. July 2025 9,26,666/-
12. August 2025 9,26,666/-
13. September 2025 9,26,666/-
14. October 2025 9,26,666/-
15. November 2025 9,26,666/-
16. December 2025 9,26,676/-
EFA(OS) (COMM) 2/2023 page 2 of 5
This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 06/08/2024 at 01:42:25
(ii) The down payment of Rs.50,00,000/- will be made today, i.e., 01.08.2024. The remaining amount will be paid in 15 monthly installments, as provided in the schedule hereinabove. Each installment will be paid on or before 10th day of the month. The installments will be remitted to the respondent's bank account bearing account no.OD 865727179, IFSC :
IDIB000P153, Indian Bank, Pitampura Branch favouring "Bhatia Finvest Pvt. Ltd."
(iii) The first installment will be paid on or before 10.09.2024. The last installment will be paid on or before 10.12.2025.
(iv) The proceedings initiated by the respondent under Section 138 of the Negotiable Instruments Act, 1881, i.e., CT Cases No.4119/2018, titled M/s Bhatia Finvest Pvt. Ltd. v. Rakesh Gupta, [ hereafter " N I Act proceedings" ] pending adjudication before the court of Chief Metropolitan Magistrate, North West, Rohini Courts, shall be kept in abeyance till 31.12.2025.
(v) The execution proceeding bearing no. OMP(ENF) (COMM) No.146/2019 and contempt proceedings bearing no.CCP(O)No.29/2024 will be deferred to a date after 31.12.2025.
(vi) Upon the entire amount being paid, i.e., Rs.1,89,00,000/-, the respondent will assist in closure of the aforementioned N I Act proceedings, execution and contempt actions, i.e., CT Cases No.4119/2018, OMP(ENF) (COMM) No.146/2019 and CCP(O)No.25/2024, respectively.
EFA(OS) (COMM) 2/2023 page 3 of 5 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 06/08/2024 at 01:42:25
(vii) Furthermore, the forty eight (48) Post-Dated Cheques (PDCs), which were given by the appellant to the respondent pursuant to the consent award dated 15.02.2019, will be deposited by the respondent with the Registry of this court within the next ten (10) days.
(viii) Upon the appellant paying to the respondent the agreed amount, i.e., Rs.1,89,00,000/- and upon an application being preferred for release of PDCs, the Registry will return the PDCs to the appellant.
(ix) Lastly, in event of any default concerning the schedule of payment stipulated in Clause (i), (ii) and (iii) above, the appellant will pay the entire amount which was initially claimed by the respondent, i.e., Rs.3,35,04,370/-, along with interest at the rate of 18% per annum, after adjusting the amounts already paid. The interest will run from the date of the award, i.e., 15.02.2019 till its realization.
7. Since the appellant has handed over a demand draft bearing No.230530, dated 31.07.2024, drawn on Punjab & Sind Bank, 2 Paschim Enclave, Peeragarhi, Delhi-110087, amounting to Rs.50,00,000/-, favouring Bhatia Finvest Pvt. Ltd., the condition stipulated as regards the down payment stands satisfied. This, however, will depend upon realization of the amount of the demand draft.
8. The appellant will file an undertaking in the form of an affidavit with the Court within the next seven (7) days which will, inter alia, indicate that he will scrupulously adhere to the terms of the settlement set out above. A copy of the affidavit will be furnished to the learned counsel for the respondent.
FA(OS) (COMM) 2/2023 page 4 of 5 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 06/08/2024 at 01:42:25
9. The appeal is disposed of, in the aforesaid terms.
10. The parties will act based on the digitally signed copy of the order.
RAJIV SHAKDHER, J AMIT BANSAL, J AUGUST 1, 2024 aj Click here to check corrigendum, if any EFA(OS) (COMM) 2/2023 page 5 of 5 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 06/08/2024 at 01:42:25