The court disposed of the suit following compliance of settlement terms. The executor paid the settlement amount via demand draft and NDTSTR, filed TDS forms, and obtained necessary permits. The court found all prayers satisfied.
CS No. 51 of 2013 disposed of; Decree to be drawn in accordance with the settlement terms.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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ORDER SHEET IN THE HIGH COURT AT CALCUTTA Ordinary Original Civil Jurisdiction ORIGINAL SIDE
IA NO. GA/3/2022 In CS/51/2016
CREDWYN HOLDINGS (INDIA) PVT. LTD. Vs
JIMMY J. GAZADAR
BEFORE:
The Hon'ble JUSTICE KRISHNA RAO Date: 25TH JANUARY, 2023.
Appearance: Mr. Soumya Roy Chowdhury, Adv. Mr. S. Ginodia, Adv. Ms. Mini Agarwal, Adv. ..for the plaintiff
Mr. Rohan Thawan, Adv. Mr. Rajarshi Dutta, Adv. Mr. Rahul Auddy, Adv. Mr. Sarbajit Mukherjee, Adv. ..for the defendant.
The Court: Counsel for the respective parties are present.
By an order dated 22nd February, 2022 this Court has allowed the prayer (a), (b) & (c) of settlement arrived between the parties and prayer (d) was kept in abeyance for compliance. Now the parties submit before this Court that prayer (d) has also been complied with. The executor has paid an amount of Rs.4,25,50,000/- by way of demand draft to the plaintiff and the plaintiff has accepted the sum and submits that the executor has also complied with the prayer (b) of the application with respect of GA No. 3 of 2022.
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In view of the submission made by the Counsel for the respective parties, prayer (d) of GA No. 3 of 2022 is also allowed. Parties have filed the settlement before this Court with following terms and conditions :-
Somajiguda Branch) in the name of “Estate of the Late Mr. Jimmy Jal Gajdar Sale Re”, in the manner as mentioned below:
lakhs fifty thousand only) from Account
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No.1445190899 held with the Kotak Mahindra Bank (Hyderabad – Somajiguda Branch) in favour of “Government of India a/c Income Tax” for crediting this amount (being the Tax Deducted at Source @ 10% on the interest amount of Rs.2,45,00,000/-), to the Plaintiff’s Income Tax Permanent Account Number being AABCCO552H, in accordance with the terms specified herein below.
(iii) The Executor has procured the declarations copies whereof annexed hereto and marked “A” and “B” respectively from: (i) Mr. Cyrus Dinyar Oshidar, an Indian inhabitant and British national, having Income Tax Permanent Account No.AAAPO2906M, residing at Shireen Mansions, B Block, 2nd Floor, Gamadia Colony, Tardeo Mumbai – 400007; and (ii) Mrs. Rita K. Mehta, an Indian National, having Income Tax Permanent Account No.AACPM6628C, residing inter alia at 25 Framroze Court, Marine Drove, Mumbai – 400020, in their respective capacities as the “major beneficiaries” / “main beneficiaries” under the registered Will dated 24th June, 2019 of the Defendant, Mr. Jimmy J. Gazdar (since deceased). The Executor shall deliver the original copies of such declarations to the Plaintiff within 1(one) week from the execution of the instant application. The Plaintiff has also obtained approval of its Board of Directors for entering into this settlement and making the present application, and a copy of the resolution passed by its Board of Directors is annexed hereto and marked “C” .
(Rupees four crores twenty five lakhs fifty thousand
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only) in favour of “Credwyn Holdings (India) Pvt. Ltd.”, and provide written confirmation of receipt thereof to the Plaintiff along with a photocopy of the Demand Draft.
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other hand) shall stand fully and finally settled, and the Plaintiff and its directors (on the one hand) and the Defendant and/or the Estate of the Defendant and/or the Executor (on the other hand) shall have no claims or demands whatsoever against each other, and each of them they shall stand released and discharged absolutely and forever against any and all claims or demands of any nature whatsoever by the other(s).
(viii) After the amount of Rs.4,50,00,000/- (Rupees four crores fifty lakhs only) is paid to the Plaintiff in the manner described hereinabove, the Executor shall be permitted to withdraw the balance amount remaining in Bank Account No.1445190899 with Kotak Mahindra Bank (Hyderabad – Somajiguda Branch) in the name of “Estate of the Late Mr. Jimmy Jal Gajdar Sale Re” along with all accumulated interest, if any, and close the said account. (ix) The Executor has represented, assured and warranted to the Plaintiff as set out below, and acknowledges that the Plaintiff is entering into the settlement recorded herein relying on such representations, assurances and warranties:
(a) The registered Will dated 24th June, 2019 of the Defendant Mr. Jimmy J. Gazdar (since deceased), recorded in Folio No. 40V to 47V of Book No. 342 of the Office of the Civil Registrar Cum Sub Registrar & Notary Ex Officio, Bardex, Mapusa, Goa ( “the said Will”) , is the last will and testament of the Defendant Mr. Jimmy J. Gazdar (since deceased), and there are no subsequent will(s) and/or codicil(s) executed by Defendant Mr. Jimmy J. Gazdar (since deceased);
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or questioned; and/or (d) an order, judgment, award, direction and/or prayer has been sought, passed and /or granted, which does or could prevent, prohibit and/or otherwise adversely impact the Executor’s ability to execute this application (and the settlement recorded herein) and/or perform the obligations hereunder;
(f) This application (and the settlement recorded herein) does not in way or manner violate or prejudice any of the bequests and/or other stipulations contained in the said Will;
In view of the settlement arrived between the parties and the parties
have complied the terms and conditions, thus CS No. 51 of 2013 is disposed of. Decree be drawn accordingly.
Though the matter is in connection with commercial division but inadvertently the matter is listed before this Court and thus, the suit is treated in the list of the commercial division.
(KRISHNA RAO, J.)
Sbghosh
3 issues framed by the court
Whether the settlement terms and conditions arrived between the parties have been complied with.
Whether the suit should be disposed of after verification of the settlement compliance.
Whether the decree should be drawn accordingly upon settlement compliance.
3 provisions across 1 enactments
Krishna Rao
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
