Delhi High Court - Orders
Sunshakti Solar Power Projects Private ... vs Sterling And Wilson International Fze on 20 May, 2022
Author: Vibhu Bakhru
Bench: Vibhu Bakhru
$~7
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ FAO(OS) (COMM)-31/2022, CM APPL. 24075/2022 & CM
APPL. 24076/2022
SUNSHAKTI SOLAR POWER PROJECTS PRIVATE LIMITED
..... Appellant
Through: Mr. Tishumpati Sen, Ms. Riddhi
Sancheti, Mr. Mayur Shetty &
Mr. Anurag Anand, Advs.
versus
STERLING AND WILSON INTERNATIONAL FZE
..... Respondent
Through: Mr. Darpan Wadhwa, Sr. Adv. with
Ms. Sanjana Bakshi, Ms. Manmilan
Sidhu, Ms. Sudhiksha Saini,
Ms. Radhika Mallik, Mr. Ankit Tyagi
& Mr. Amer Vaid, Advs.
CORAM:
HON'BLE MR. JUSTICE VIBHU BAKHRU
HON'BLE MR. JUSTICE AMIT MAHAJAN
ORDER
% 20.05.2022 CM APPL. 24076/2022
1. Exemption is allowed, subject to all just exceptions.
CM APPL. 24075/20222. The appellant has filed the present application, inter alia, praying as under: -
"(i) take on record the Settlement Agreement dated 23 April 2022 and the present application, which are binding on the respective parties;Signature Not Verified Digitally Signed By:HARMINDER KAUR Signing Date:23.05.2022 11:21:23
(ii) subject to the Respondent herein receiving the payment of USD 34,382,890 in accordance with Clause 2 of the Settlement Agreement dated 23 April 2022, disputes in respect of the present appeal proceedings (bearing number FAO (OS) 31 of 2022) and the herein Respondents application bearing number OMP (I) COMM No. 460 of 2018, be treated as settled and the present appeal proceedings (bearing number FAO (OS) 31 of 2022) pending before this Hon'ble Court stand disposed of as withdrawn;
(iii) the Impugned Judgment passed in OMP (I) COMM No. 460 of 2018 is modified/vacated to enable Skypower Southeast Asia III Investments Limited and Skypower Southeast Asia Holdings 2 Limited to transfer the securities held by them in the Appellant, to Torrent Power Limited, subject to the Respondent herein simultaneously receiving the payment of USD 34,382,890 in accordance with Clause 2 of the Settlement Agreement dated 23 April 2022;
(iv) In the event of non-payment of USD 34,382,890 to the Respondent herein, in accordance with Clause 2 of the Settlement Agreement dated 23 April 2022, the Respondent may appear before this Hon'ble Court and seek appropriate relief(s) from this Hon'ble Court; and;
(v) pass any other order(s)/direction(s) as this Hon'ble Court may deem fit in the facts and circumstances of the present case, including Signature Not Verified Digitally Signed By:HARMINDER KAUR Signing Date:23.05.2022 11:21:23 to modify the Impugned Judgment in such manner as this Hon'ble Court deems fit, for recording the settlement of the dispute in respect of the present appeal proceedings (bearing number FAO (OS) 31 of 2022) and herein Respondent's application bearing number OMR (I) COMM No. 460 of 2018;"
3. Mr. Sen, learned counsel appearing for the appellant, states that the parties have since resolved their disputes in terms of the Settlement Agreement dated 23.04.2022. Mr. Wadhwa, learned senior counsel appearing for the respondent, concurs with the said statement.
4. In view of the settlement, the petitioner seeks to withdraw the present appeal.
5. The appeal is dismissed as withdrawn.
6. The date already fixed, that is, 04.08.2022 is cancelled.
7. The order dated 22.06.2020 passed in OMP(I)(COMM) 460/2018 shall not come in the way of the transfer contemplated in prayer clause no.
(iii) of the application.
VIBHU BAKHRU, J AMIT MAHAJAN, J MAY 20, 2022 SS Click here to check corrigendum, if any Signature Not Verified Digitally Signed By:HARMINDER KAUR Signing Date:23.05.2022 11:21:23