Smt.Abhilasha & Ors vs M/S Maurya Infotek Pvt Ltd & Ors

NATIONAL COMPANY LAW APPELLATE TRIBUNAL AT CHENNAI (APPELLATE JURISDICTION) TA (AT) No. 277/2021 (Company Appeal (AT) No. 59/2020) IN THE MATTER OF: Smt. Abhilasha W/o. Sri P.N. Bhuchar R/o. No. 558, 17th Cross, Indiranagar, 2nd Stage, Bengaluru - 560038 .... Appellant No. 1 Sanjeev Kumar S/o. Sri P N Bhuchar R/o. No 558, 17th Cross, Indiranagar, 2nd Stage. Bengaluru - 56003 ....Appellant No. 2 Ms. Anju Sarin W/o. Sri Sanjeev Kumar R/o. No. 558, 17th Cross, Indiranagar, 2nd Stage, Bengaluru - 560038 .... Appellant No. 3

Vs M/s Maurya Infotek Pvt. Ltd. Rep by its Managing Director Shri P N Bhuchar R/o. At " Shiv Ganga" No. 558, 17th Cross, Indiranagar, 2nd Stage, Bengaluru - 560038 ...Respondent No. 1 Arun Kumar S/o. Sri P N Bhuchar R/o. No. 558, 17th Cross, Indiranagar, 2nd Stage, Bengaluru - 560038 ...Respondent No. 2

TA (AT) No. 277 / 2021 (CA (AT) No. 59 / 2020 Page 1 of 3 Present : For Appellants : Mr. Hredai, Advocate For Respondents : Ms. Sithara Sarangan, Advocate, For R2

ORDER

(Hybrid Mode) 08.01.2025:

The Appellants in this Company Appeal (AT) No. 59/2020, challenges the

Impugned Order dated 31.12.2019 which was passed in C.P. No. 12/2013 (T.P.

No. 44/2016), being the proceedings, which were held under Section 397 & 398 to

be read with Section 402 & 403 of the Companies Act, 1956. As a consequence of

the proceedings in the aforesaid Company Petition, the Company Petition stood

dismissed. When the matter was taken up before this Appellate Tribunal on earlier

occasions, as reflected from the order sheet, an unanimous stand was taken by both

the counsels, that the parties are venturing into the terms of a settlement, based

upon the arbitral award, which was subject matter before the Hon'ble High Court,

Karnataka.

In order to, enter into a settlement we have already granted an opportunity

to the Appellant to place the memo of settlement on record, by an order on

27.09.2024.

When the matter was taken up today, the learned counsels for both the

Appellant, as well as, the Respondent have participated in the proceeding and they

have jointly supported the stand as taken by the Appellant, that the parties have

entered into a settlement and the memo in that regard has been filed by the

TA (AT) No. 277 / 2021 (CA (AT) No. 59 / 2020 Page 2 of 3 Appellant before this Appellate Tribunal, which has been signed by all the parties.

Owing to the fact, that as the factum of entering into a settlement has been verified

by the learned counsels representing the cause of the parties, the settlement will

fall to be well within the ambit of Order XXIII Rule 3 of the C.P.C., of 1908,

which in principle of which may be made applicable, for the purposes of deciding

the instant lis on the basis of the settlement, which is a power conferred to the

counsel too, to enter into a settlement on behalf of the parties. Owing to the above,

the instant appeal would stand closed in terms of the settlement which has been

entered into between the parties on 23.11.2024.

[Justice Sharad Kumar Sharma] Member (Judicial)

[Jatindranath Swain] Member (Technical)

.

GKJ/TM/MS

TA (AT) No. 277 / 2021 (CA (AT) No. 59 / 2020 Page 3 of 3