2001 (12) TMI 896 - SC - Indian Laws

Summary

Issues: Settlement of multiple litigations between parties.

The Supreme Court of India, comprising Hon'ble Mr. Justice K.T. Thomas and Hon'ble Mr. Justice D.P. Mohapatra, presided over a case involving the settlement of various litigations between the parties. The parties had resolved disputes in several cases pending before the Bombay High Court, including O.S. No. 3535 of 1994, O.S. No. 3578 of 1994, O.S. No. 1105 of 1998, O.S. No. 3469 of 1996, O.S. No. 1792 of 1998, and O.S. No. 320 of 1991. Additionally, Company Petition No. 28 of 1992 before the Principal Bench, Company Law Board, New Delhi, and Arbitration Suit No. 5110 of 1994 before the Bombay High Court were part of the settlement. The parties presented a "MINUTES OF CONSENT ORDER," signed by all except two individuals, which was accepted by the court. It was agreed that all the suits would be disposed of based on the settlement outlined in the document. Consequently, the Supreme Court withdrew the suits under Article 139-A of the Constitution of India and directed the respective courts to transmit the records to the Supreme Court within ten days. The parties committed to implementing the terms of the settlement by a specified date, with a particular clause regarding the operation of bank accounts coming into effect immediately. A final formal order was scheduled for 8.1.2002 at 10:30 a.m. for all the suits and the company petition, along with contempt proceedings.