Allowed

The New India Assurance Co. Ltd. v. M/S Aec (I) Ltd. and Ors.

Delhi HC13 Nov 2019W.P.(C)/11905/2019

Case brief

AI extract

What is this about?

The High Court allowed the exemption application and notice in a writ petition. The court held there was no justification for the DRT not accepting a settlement agreement. Proceedings before the DRT were advanced, listing was cancelled, and the agreement must be taken on record to lift property attachment and enable auction.

What did the court decide?

Proceedings before the DRT advanced; listing cancelled; settlement agreement to be taken on record to lift attachment and enable sale.

The New India Assurance Co. Ltd. Vs M/S Aec (I) Ltd… — Service and Employment | Delhi HC (2019)

¶1

$~52

¶2

IN THE HIGH COURT OF DELHI AT NEW DELHI

¶3

- W.P.(C) 11905/2019

¶4

THE NEW INDIA ASSURANCE CO. LTD. ..... Petitioner

¶5

Through: Mr. D. D. Singh and Mr. Navdeep Singh, Advocates.

¶6

versus

¶7

M/S. AEC (I) LTD. AND ORS. ..... Respondents Through: Ms. Jagriti Ahuja, Mr. Amol Sharma and Mr. Aditya Bakshi, Advocates.

¶8

CORAM: JUSTICE S.MURALIDHAR JUSTICE TALWANT SINGH

¶9

O R D E R

¶10

% 13.11.2019

¶11

CM APPL. 48831/2019 (exemption)

¶12

Allowed, subject to all just exceptions.

¶13

W.P.(C) 11905/2019

¶14

Notice. Notice is accepted by learned counsel for the Respondent No. 3

¶15

The Court is informed that even before the DRT, none was appearing for Respondent No. 1, AEC India Limited and Respondent Nos. 2 to 4. It is stated that the objections filed by Respondent No. 2 were dismissed by the DRT and that the said order has not been challenged.

¶16

The Petitioner has had to approach this Court since the DRT has, instead of accepting the terms of settlement arrived at between the Petitioner on the one hand and the Respondent Nos. 5 and 6, i.e. Rajan Babu Jain and ICICI Bank Limited, simply adjourned the matter by its order dated 5^th October, 2019.

¶17

W.P.(C) 11905/2019 Page 1 of 3

¶18

Placed on record is a copy of the settlement agreement dated 5^th March, 2019. This is a settlement between ICICI Bank Limited, i.e. Respondent No. 6 and the present Petitioner. In terms of the settlement, the attachment of the property in question, i.e. B-8, 9 and 10, Hosiery Complex, Noida was to be lifted to enable ICICI Bank Limited to bring the property to sale by way of public auction. From the sale proceeds, ICICI Bank Limited was to pay Rs. 1 crore to the Petitioner. A sum of Rs. 20 lakhs was to be paid by Mr. R. B. Jain (Respondent No. 5).

¶19

Learned counsel for the Petitioner states that Mr. Jain has already paid the Petitioner Rs. 20 lakhs. If the settlement agreement had been taken on record, then all consequential orders could have been passed to enable the settlement to go forward.

¶20

The Court finds that there is no justification of the DRT not taking the settlement agreement on record and issuing further directions. In that view of the matter, the proceedings before the DRT will stand advanced and the parties will now appear before the DRT on 2^nd December, 2019. By the order dated 24^th October, 2019, the matter Appeal No. 31/2019 had been listed before the DRT-III on 7^th February, 2020, which now stands cancelled. On 2^nd December, 2019, the above settlement agreement will be taken on record by the DRT and the consequential orders of the lifting of the attachment of orders to enable the sale of property in question shall be passed.

¶21

The writ petition is disposed of in the above terms.

¶22

W.P.(C) 11905/2019 Page 2 of 3

¶23

Order dasti . A copy of this order be delivered by Special Messenger forthwith to the DRT-III.

¶24

S. MURALIDHAR, J.

¶25

TALWANT SINGH, J.

¶26

NOVEMBER 13, 2019 pa

¶27

W.P.(C) 11905/2019 Page 3 of 3

The New India Assurance Co. Ltd. v. M/S Aec (I) Ltd. and Ors.

Case brief

What is this about?

What did the court decide?

The New India Assurance Co. Ltd. v. M/S Aec (I) Ltd. and Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Bal Kishan Vs Govt. of NCT of Delhi & Ors.

Vedpal & Anr. Vs Govt. of NCT of Delhi & Ors.

Ex. Hc/Gd Vijay Pal Singh Vs Union of India & Ors.

Ex. Ct/Gd Sohan Lal Vs Union of India & Ors.

Shri Aalok Khanna and Ors. Vs Standard Chartered Bank

Simons Motor Driving Training Institute & Research Society Vs Govt. of NCT of Delhi & Ors.

Budh Sagar Vs Staff Selection Commission through Its Chairman & Ors.

Neeraj Syal Vs State Bank of India

Ex. Hc/Gd Vijay Pal Singh Vs Union of India & Ors.

Ex. Ct/Gd Sohan Lal Vs Union of India & Ors.

Ex. Hc/Gd Shiv Shankar Singh Vs Union of India & Ors.

M/S. L.R. Sharma & Co. Vs Commissioner of Service Tax, Delhi

Secretary, Cabinet Secretariat Vs Dr. A.S. Narayana Rao

Bhag Singh Sain Vs Union of India & Ors.