Delhi High Court - Orders
Vistra Itcl (India) Ltd vs Ambience Pvt Ltd & Ors on 21 July, 2022
Author: Prateek Jalan
Bench: Prateek Jalan
$~16
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ OMP (ENF.) (COMM.) 200/2019
VISTRA ITCL (INDIA) LTD ..... Decree Holder
Through: Mr. Toyesh Tewari, Advocate.
versus
AMBIENCE PVT LTD & ORS. ..... Judgement Debtors
Through: Mr. V. Anush Raajan, Advocate
for R-2 & 3.
CORAM:
HON'BLE MR. JUSTICE PRATEEK JALAN
ORDER
% 21.07.2022
1. Mr. V. Anush Raajan, learned counsel for the respondent Nos. 2 and 3, submits that the matter has been settled between the parties. He handed up a document, titled as Addendum to Memorandum of Understanding ["MoU"] dated 14.01.2021, and a receipt and acknowledgment of payment dated 20.05.2022.
2. Mr. Toyesh Tewari, learned counsel for the decree holder, seeks an opportunity to take instructions.
3. Paragraph 5 of the MoU states as follows:-
"In acknowledgement of the above payment, Visrta ITCL expressly covenants that all claims of Vistra ITCL under Arbitral Award dated 07.04.2017 and the Settlement Agreement dated 14.01.2021 stands satisfied, subject to realization or Demand Draft as set out at paragraph 4 b. above. No claim / demand / due survive against any of Signature Not Verified Digitally signed O.M.P(ENF.)(COMM) 200/2019 Page 1 of 2 By:SHITU NAGPAL Signing Date:25.07.2022 11:50:12 Ambience Private Limited and/or Ambience Projects & Infrastructure Private Limited and/or the Promoter under the Arbitral Award or the Settlement Agreement."
4. Paragraph 6(d) further states as follows:-
"6(d). Withdraw all claims, suits, execution and proceedings in respect of the Settlement Agreement/Arbitral Award including but not limited to:
i. The Petition against Ambience Private Limited CP (IB) 1600 of 2018 (if necessary, by filing FORM FA with the IRP):
ii. The Execution / Enforcement proceedings filed by Vistra ITCL against Ambience Private Limited, the Promoter and Ambience Projects & Infrastructure Private Limited before the Hon'ble Delhi High Court in OMP (ENF.)(Comm) 200/2019:"
5. In these circumstances, the decree holder ought to have kept its counsel fully instructed. I see no reason to keep the present enforcement proceedings pending at this stage.
6. The documents handed up by the learned counsel for the respondent Nos. 2 and 3 are taken on record.
7. The enforcement proceedings are disposed of, however, with liberty to the parties to file appropriate application for revival of the proceedings, if the necessity arises.
PRATEEK JALAN, J JULY 21, 2022 'pv'/ Click here to check corrigendum, if any Signature Not Verified Digitally signed O.M.P(ENF.)(COMM) 200/2019 Page 2 of 2 By:SHITU NAGPAL Signing Date:25.07.2022 11:50:12