Dr. a. Srinivasan Vs M/s.Motilal Oswal Financial Services Ltd. — Arbitration | Madras HC (2025)

Dr. a. Srinivasan Vs M/s.Motilal Oswal Financial Services Ltd. — Arbitration | Madras HC (2025)

What the court decided

AI extract

Outcome

Appeal disposed as settled out of Court; respondent to pay Rs.5.00 lakh in full and final settlement of all claims of appellant on or before 10.02.2025; no order as to costs; refund of court fees, if any, in accordance with the Rules within four weeks of receiving an application.

Issue for consideration

Whether the appeal should be disposed of in terms of the out-of-court settlement arrived at between the parties.

Court's answer

The parties settled the matter out of Court on terms that the respondent would pay Rs.5.00 lakh in full and final settlement of all claims of the appellant, payable on or before 10.02.2025, with the appellant's counsel to address a communication giving bank account details to the respondent's advocate.

Ratio / Principle

In view of the settlement, the appeal is disposed as settled out of Court, with no order as to costs.

Key takeaways

Refund, if any, of court fees shall be made in accordance with the Rules, processed and paid over within four weeks of receiving an application.ratio¶28

Detailed headnote1 paragraphs

OSA (CAD) No.124 of 2023 (High Court of Judicature at Madras, 29.01.2025; K.R.Shriram, CJ delivering judgment, with Senthilkumar Ramamoorthy, J.) - Appeal under Section 13(1) of the Commercial Court Act, 2015 read with Section 37 of Arbitration and Conciliation Act, 1996 by Dr.A.Srinivasan against the order dated 04.08.2021 passed in Arb.O.P.No.198 of 2021 (respondent: M/s. Motilal Oswal Financial Services Ltd., previously Motilal Oswal Securities Ltd.). After court-suggested mediation (order dated 28.11.2024) ended in a failure report by mediator Ms.M.Sneha, Advocate, and renewed encouragement of amicable resolution, counsel informed the Court that the parties had settled out of Court: respondent to pay Rs.5.00 lakh in full and final settlement of all claims of appellant on or before 10.02.2025, bank account details to be communicated by appellant's counsel. Appeal disposed as settled out of Court; no order as to costs; refund of court fees, if any, per Rules within four weeks of application. No precedent considered; no contested issue decided.

OSA (CAD) No.124 of 2023

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 29.01.2025

CORAM :

THE HON'BLE MR.K.R.SHRIRAM, CHIEF JUSTICE

AND

THE HON'BLE MR.JUSTICE SENTHILKUMAR RAMAMOORTHY

OSA (CAD) No.124 of 2023

Dr.A.Srinivasan .. Appellant

Vs.

M/s. Motilal Oswal Financial Services Ltd. (Previously) Motilal Oswal Securities Ltd. Having registered Office at: Motilal Oswal Tower Rahimtullah Sayani Road Opposite Parel ST Depot Prabhadevi, Mumbai 400 025.

.. Respondent

Prayer : Appeal under Section 13(1) of the Commercial Court Act, 2015 read with Section 37 of Arbitration and Conciliation Act, 1996 against the order dated 04.08.2021 passed in Arb.O.P.No.198 of 2021.

For Appellant : Mr.M.Arunachalam

For Respondent : Mr.P.V.Balasubramanian Senior Counsel Assisted by Mr.K.M.AAsim Shehazad For M/s. BFS Legal

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OSA (CAD) No.124 of 2023

JUDGMENT

(Judgment of the Court was delivered

by the Hon'ble Chief Justice)

Before we took the appeal for hearing, we had suggested to the parties, by an order dated 28.11.2024, that parties should go for mediation. The Mediator, Ms.M.Sneha, Advocate, after holding few hearings, even filed a failure report. Notwithstanding the failure report, the Court once again persuaded the parties to explore amicable resolution.

Today, we are informed by Shri. Arunachalam and Shri. Balasubramanian that parties have settled the matter out of Court and the settlement terms are that respondent would pay a sum of Rs.5.00 lakh in full and final settlement of all claims of appellant and this amount would be paid to appellant on or before 10.02.2025. Shri. Arunachalam shall address a communication to respondent's advocate giving the bank account details to which the amount to be credited.

In view of the above, the appeal is disposed as settled out of Court. There shall be no order as to costs.

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OSA (CAD) No.124 of 2023

Refund, if any, of Court fees shall be made in accordance with Rules. Refund be processed and paid over within four weeks of receiving an application.

(K.R.SHRIRAM, CJ) (SENTHILKUMAR RAMAMOORTHY,J.) 29.01.2025

Index : Yes/No Neutral Citation : Yes/No kpl

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OSA (CAD) No.124 of 2023

THE HON'BLE CHIEF JUSTICE AND SENTHILKUMAR RAMAMOORTHY,J.

(kpl)

OSA (CAD) No.124 of 2023

29.01.2025

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