Calcutta High Court
Hoogly Mills Co Ltd vs S.P.Traders on 20 February, 2014
Author: Ashim Kumar Banerjee
Bench: Arijit Banerjee, Ashim Kumar Banerjee
ORDER SHEET
APD 348/2013
CS 317/1998
IN THE HIGH COURT AT CALCUTTA
Civil Appellate Jurisdiction
ORIGINAL SIDE
HOOGLY MILLS CO LTD
Versus
S.P.TRADERS
BEFORE
The Hon'ble JUSTICE ASHIM KUMAR
The Hon'ble JUSTICE ARIJIT BANERJEE
Date : 20th February, 2014.
Mr.Ravi Kapoor, Advocate
Ms.Ahana Sikhdar, Advocate
for the appellant.
Mr.Dhruba Ghosh, Advocate
Mr.R.L. Mitra, Advocate
Ms.Priyanka Dhar, Advocate
for the respondent.
The Court : The parties have agreed on principle to settle not only this appeal but also the other suit being Suit No.316 of 1998 now appearing before the learned single Judge. The parties have already obtained leave from the learned single Judge to have the suit also disposed of by this Division Bench, by a composite order. The parties agree to have the dispute resolved by payment of Rs.1 crore by the appellant to the respondent in full and final settlement of their claim. The parties would also agree, the amount lying with Registrar, Original Side of this Court, be encashed and the proceeds be handed over to the respondent so that the appellant would get credit for the amount. The balance amount be paid by ten equal monthly instalments commencing from March 15, 2 2014 and thereafter on the 15th day of each succeeding month until the amount is paid off.
Keeping in view, there might be delay in ascertaining the balance outstanding, the appellant (on its own behalf and on behalf of Hooghly Projects Limited the plaintiff in CS No.316 of 1998) would go on making payment of Rs.5 lakhs per month till the amount is ascertained. Once it is ascertained, the appellant would be obliged to pay the sum by ten equal monthly instalments. They would get credit for the instalments already paid in terms of this order. However, the differential amount would be adjusted against the last instalment.
In default of payment of any one instalment, the amount would immediately become payable along with interest at the rate of 9 per cent per annum on and from June 20, 2013 being the date of the decree in CS 317/1998 and the respondent would be at liberty to execute this order as a decree of this Court.
With these directions, the appeal being APD 348 of 2013 is disposed of. CS No.316 of 1998 is also disposed of, after treating the same as on day's list. The parties would bear their own costs.
(ASHIM KUMAR BANERJEE, J.) (ARIJIT BANERJEE, J.) sd/