Full Judgment Text
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CASE NO.:
Appeal (civil) 41 of 1998
PETITIONER:
M/S.VEDSONS ENGINEERS (P) LTD
RESPONDENT:
P N B
DATE OF JUDGMENT: 18/07/2006
BENCH:
Dr. AR. LAKSHMANAN & LOKESHWAR SINGH PANTA
JUDGMENT:
J U D G M E N T
Dr. AR . Lakshmanan, J.
By consent of all parties, the Civil Appeal and
IA no.8 of 2006 are taken up for final hearing. Civil
Appeal No.41 of 1998 was filed by M/s. Vedsons
Engineers (P) Ltd. challenging the order of the
Division Bench of the Punjab & Haryana dated
20.3.1997 in Company Appeal no.17 of 1996. In I.A.
no.8/2006, all the facts relating to this case have
been mentioned therein. Memorandum of
Compromise has been filed along with the said I.A.
as Annexure ’A1’. The Memorandum of Compromise
has been arrived at between the appellant
M/s.Vedsons Engineers (P) Ltd. and the Punjab
National Bank as well as M/s. Vedsons Steel & Wires
Pvt. Ltd. M/s. Vedsons Engineers (P) Ltd. and M/s.
Vedsons Steel & Wires Pvt. Ltd. are signatory to the
Memorandum of Compromise. Since M/s. Vedsons
Steel & Wires Pvt. Ltd. were not impleaded as a
party earlier, the said party is now impleaded as
appellant no.2 in this appeal.
We have perused the Memorandum of
Compromise arrived at between the parties and the
same is in order duly signed by Mr. Ashok Anand,
Managing Director of both M/s. Vedsons Engineers
(P) Ltd. and M/s. Vedsons Steel & Wires Pvt. Ltd. and
also by Mr. Kulwant Singh Bhatia, Manager of the
Punjab National Bank. The Affidavit filed by Mr.
Ashok Anand, Manager of M/s. Vedsons Engineers (P)
Ltd. and M/s. Vedsons Steel & Wires Pvt. Ltd. in
support of the Memorandum of Compromise is taken
on record. We make it clear that the terms of
settlement is only between appellant nos.1 & 2 and
the Punjab National Bank and not with reference to
the other creditors of the Company, if any.
In view of afore-mentioned terms agreed upon
between the appellants and the respondent Bank, we
dispose of the appeal in terms of the Compromise.
This Compromise will form part of the decree. The
Civil Appeal and the I.A. no.8 stand disposed of
accordingly with no orders as to costs.