An appeal arising from an order directing deposit of security under the Arbitration and Conciliation Act. The matter was settled via a compromise agreement between the parties before the court, leading to the disposal of the appeal.
Appellants directed to deposit Rs. 20,000 within one month; liable for balance and interest upon failure.
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IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH
FAO No. 3653 of 2008
Date of decision : July 21, 2009
Arun Kumar and another
Appellants
Versus
IndusInd Bank Ltd.
Respondent
CORAM : HON'BLE MS. JUSTICE NIRMALJIT KAUR
Present : Mr. Dhiraj Chawla, Advocate for the appellants
Mr. K.S. Jetli, Advocate for the respondents
NIRMALJIT KAUR, J. (ORAL)
The Addl. District Judge vide order dated 12.8.2008 had disposed of the petition under Section 9 of the Arbitration and Conciliation Act, 1996 with a direction that the appellants herein will deposit the security to the tune of Rs. 70,000/- within a period of four weeks from today. The appellants challenged the same by way of the present appeal.
Learned counsel for the parties jointly state that the matter has been compromised between the parties outside the Court. Mr. Dhiraj Chawla, learned counsel for the appellants on instructions states that the appellant – Arun Kumar shall deposit Rs. 20,000/- with the respondent bank within one month from today, failing which he will be liable for the entire amount as directed by Addl. District Judge in his order dated 12.8.2008 to the tune of Rs. 39,988.70 paisa alongwith interest at the rate of 36% per annum as stipulated in the agreement itself.
Mr. K.S. Jetli, learned counsel for the respondents on instructions states that the respondent bank accepts the said offer.
FAO No. 3653 of 2008
2
In view of the statement made by learned counsel for the parties on instructions from the respective parties, the present appeal is disposed of in the above terms of the statement made before this Court. The said statement made by learned counsels will be binding on the parties concerned.
Disposed of.
(Nirmaljit Kaur) Judge
21.07.2009 reena
Arun Kumar and another
IndusInd Bank Ltd.
Nirmaljit Kaur
As recorded by the court registry
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