M/S CSANGO & ORS. versus UNION BANK OF INDIA

Citation: [2009] 5 S.C.R. 937 · Decided: 13-04-2009 · Supreme Court of India · Bench: DALVEER BHANDARI · Disposal: Disposed off
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Judgment (excerpt)

·~ J 
[2009) 5 S.C.R. 937 
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MIS CSANGO & ORS. 
A 
v. 
UNION BANK OF INDIA 
.. 
(Civil Appeal No. 2378 of 2009) 
APRIL 13, 2009 
B 
[DALVEER BHANDARI AND HARJIT SINGH BEDI, JJ.) 
Settlement/Compromise - Settlement arrived at between 
the parties - In order to put quietus to the entire matter, appeal 
disposed of in terms of the settlement - Appropriate directions c 
issued - Bank I Banking. 
.. 
When the instant appeal was taken up by the Court 
for final disposal, the parties stated that they had amicably 
settled the matter and the agreed terms of settlement/ 
D 
compromise were placed on record. 
It was prayed that the appeal, be disposed of in terms 
of the said settlement arrived at by the parties. 
Disposing of the appeal in terms of the settlement/ E 
compromise, the Court 
HELD: The appellants would be at liberty to pay the 
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entire amount of Rs.3.10 crores on or before 9th July, 
2009 without any interest. In case the entire amount is not 
F 
paid on or before 9th July, 2009 then the appellants 
would pay to the respondent Bank interest@ 12% per 
annum. The interest to be computed from 10th July, 2009. 
The appellants are directed to strictly adhere to the time 
schedule agreed upon by them. In case of any default of G 
• 1-
payment of any of the installments or the interest 
..._ 
accrued, the entire decreetal amount would be payable 
as if there is no settlement between the parties. [Paras 6, 
_..,,,.. 
7 and 8] (940-A-D] 
937 
H 
938 
SUPREME COURT REPORTS [2009] 5 S.C.R. 
.. 
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A 
CIVIL APPELLATE JURISDICTION : Civil Appeal No. 
2378 of 2009. 
From the Judgment & Order dated 21.08.2008 of the High 
Court of Judicature at Bombay in Writ Petition No. 2361/2007. 
• 
B 
P.H. Parekh, Sameer Parekh, E.R. Kumar, Ranjeeta 
~ 
Rohatgi and Shubhranshu Padhi (for Parekh & Co.) for the 
Appellant. 
L. Nage!swar Rao and O.P. Gaggar, for the Respondents. 
c 
The Judgment of the Court was delivered by 
DALVEER BHANDARI, J. 1. Leave granted. 
2. This appeal is directed against the judgment of the High 
~ 
D Court of Judicature at Bombay passed in Writ Petition No.2361 
of 2007 on dated 21st August, 2008. 
3. Order dated 5th September, 2008 of this Court indicates 
that the appellants had already paid a sum of Rs.1.26 crores, 
E as directed, as part of one time settlement, therefore, the Court 
directed the parties to maintain status quo until the next date. 
The interim order was later on directed to be continued till 
further orders. 
4. When the appeal was taken up for final disposal, the 
. 
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F learned counsel appearing for the parties stated that the parties 
have amicably settled the matter and the agreed terms of 
compromise have been placed on record which have been 
signed by the learned counsel for the parties. Learned counsel 
for the parties have prayed that this appeal be disposed of in 
G terms of the settlement arrived at by the parties on 9th April, 
2009. 
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5. We have considered the terms of the settlement. In order 
to put quietus to the entire matter, we direct that this appeal be -
H disposed of in accordance with the terms agreed upon by the 
CSANGO & ORS. v. UNION BANK OF INDIA 
939 
• j 
[DALVEER BHANDARI, J.] 
parties. The agreed terms are set out as under:-
A 
"1. 
The appellant agrees to pay to the respondent Bank 
a sum of Rs.3.10 crores (over and above the 
amounts already paid) in full and final settlement of 
all the claims of the respondent Bank. 
B 
f 
2. The sum of Rs.3.10 crores will be paid in four 
installments as follows: 
(i) 
Rs.77.5 lakhs without interest by 9th July, 2009. 
(ii) 
Rs. 77.5 lakhs with interest by 9th October, 2009. 
c 
(iii) 
Rs.77.5 lakhs with interest by 9th January, 2010. 
(iv) 
Balance Rs.77.5 lakhs with interest by 31st March, 
2010. 
D 
3. 
In case there is any default of payment of any 
installments or interest accrued," the entire decreetal 
amount would be payable as if there is no 
settlement. 
E 
4. 
Appellant shall have option to pay entire amount of 
Rs.3.10 crores on or before 9th July, 2009 without 
any interest. 
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5. 
Attachment of the assets of the Certificate Debtors 
F. 
made by ORT existing as on today will continue till 
the entire amount is paid by the appellants to the 
respondent. 
6. 
On payment as above all claims shall stand settled 
and all proceedings shall abate and attachments G 
stand vacated. 
, ~ 
a. 
7. 
The parties leave the decision regarding interest to 
the discretion of this Court." 
H 
940 
SUPREME COURT REPORT
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