Pradip R. Kamdar & Ors Vs Automobile Manufactures Pvt Ltd & Ors

This Interlocutory Application filed by one Mr. Pradip R. Kamdar & Others, for placing on record the order of the Hon’ble Supreme Court dated 06.01.2023, wherein it is recorded as follows;-

“ the parties have agreed to the following modalities for resolving the dispute between them in all fora:

i. The parties agree and undertake that the Minutes of Discussions dated 14 June 2019 are binding upon them and shall be implemented by them in letter and spirit; and that they shall abide by the directions that will be issued to them by the two senior solicitors who have been appointed in terms of (ii) below without objection or demur;

ii. Mr. Cyril Shroff, (senior partner, Cyril Amarchand Mangaldas) and Mr. Ashir Amin (senior partner, Kanga & Co) are appointed with the consent of the parties. Mr Cyril Shroff and Mr. Ashir Amin shall issue such directions to the parties as are required for the implementation of the MoD dated 14 June 2019;

iii. Immediately upon being called upon to do so by the joint decision of Mr. Cyril Shroff and Mr. Ashir Amin, the respondents shall ensure that the consideration representing the valuation of Rs. 245 crores, as provided in the MoD, is passed on the petitioners.

iv. In issuing directions to the parties for implementing the MoD, Mr. Cyril Shroff and Mr. Ashir Amin shall not be influenced by the observations contained in the orders impugned;

v. Mr. Cyril Shroff and Mr. Ashir Amin are at liberty to determine their remuneration after consultation with the parties; and

vi. All proceedings by and between the parties, including the proceedings before the High Court of Judicature at Bombay and the National Company Law Tribunal, shall stand disposed of in view of the above.”

On perusal of the order of the Hon’ble Apex Court, it is crystal clear that both the parties have amicably settled the matter and agreed to close the issue, which is pending at various Forum. In view of the above said submission and in the light of the order of the Apex Court, the Company Petition bearing No. CP/428 (MB)2018 stands closed, all the pending Interlocutory Applications/Miscellaneous Applications arising out of the present Company Petition stands closed.

In that view of the matter the Interlocutory Application bearing No. IA 13/2023 is allowed and disposed of. File consigned to the Record.