2015 (2) TMI 1381 - HC - Indian Laws

Comprehensive settlement towards full and final settlement of all their claims in respect of the movable and immovable assets left by the deceased parents - HELD THAT - In view of the affidavits filed by the plaintiff and the defendants No.3 4 and the amounts received by them, as agreed, all the parties jointly state that the defendant No.1 be declared as the sole, absolute and exclusive owner of the property bearing No. A-53, Vasant Marg, Vasant Vihar, New Delhi and the commercial property/office space bearing No.C-001A, First Floor, Super Mart Commercial Complex-I, DLF Qutab Enclave Complex, Phase IV, Gurgaon, Haryana. Ordered accordingly. The suit is decreed in terms of the settlement recorded on 7.11.2014.

Summary

Issues:
1. Settlement agreement between parties regarding payment for assets left by deceased parents.
2. Agreement to sell immovable property for payment.
3. Deposit of settlement amount with Registrar General.
4. Acceptance of will and gift deeds.
5. Liberty granted for agreement to sell property.
6. Affidavits exchanged for probate of will.
7. Direct handing over of drafts to parties.
8. Release of deposited amount in Court.
9. Declaration of defendant as exclusive property owner.
10. Decree of suit in terms of settlement.

Analysis:

1. The judgment pertains to a settlement agreement reached between the parties concerning the payment for movable and immovable assets left by the deceased parents. The defendant agreed to pay a specific sum to the plaintiff and other defendants, leading to a comprehensive settlement recorded by the court.

2. As part of the settlement, the parties agreed that the defendant could enter into an agreement to sell a specific immovable property to raise the necessary funds for payment. This agreement was made with the understanding that the proceeds would be used to settle the claims related to the assets left by the deceased parents.

3. The defendant was directed to deposit the agreed-upon amount with the Registrar General of the Court within a specified timeframe. This deposit was a crucial aspect of the settlement terms to ensure the fulfillment of the financial obligations towards the plaintiff and other defendants.

4. The settlement also involved the acceptance of the will and gift deeds by the plaintiff and other defendants, indicating their agreement to various property-related matters and the release of certain funds held in Court. This acceptance was a significant step towards finalizing the settlement terms.

5. Liberty was granted to the defendant to enter into an agreement to sell a specific property within a stipulated period. This provision allowed for the completion of the financial transactions necessary to meet the settlement obligations agreed upon by the parties.

6. Affidavits were exchanged between the parties regarding the probate of the will, ensuring legal clarity and compliance with the settlement terms. The submission and acceptance of these affidavits played a crucial role in validating the settlement agreement.

7. The judgment allowed for the direct handing over of drafts to the parties involved, bypassing the need for referral to the Registry for release. This streamlined the process of fulfilling the financial aspects of the settlement agreement.

8. The release of a specific amount deposited in Court in favor of the defendant was addressed in the judgment, granting the defendant the liberty to approach the Registry for the release of the said amount, including any accrued interest.

9. A declaration was made in the judgment affirming the defendant as the sole, absolute, and exclusive owner of specific properties, solidifying the property rights as per the settlement terms agreed upon by all parties.

10. Finally, the suit was decreed in accordance with the settlement recorded, including pending applications, with each party bearing their own costs. The judgment provided a comprehensive resolution to the legal dispute based on the mutually agreed settlement terms.