Karnataka HC Records N D Developers–Mondo Builders Deal: Project Control For One, 1.1 Lakh Sq Ft Of Phase 2 Villas For The Other

N D Developers Pvt. Ltd. appealed under Section 13(1-A) of the Commercial Courts Act, 2015, against an order dated 25 March 2024 in Commercial A.A. No. 08/2023.

During the appeal, the parties jointly informed the Court that they had settled their disputes and presented compromise terms supported by verifying affidavits.

The settlement provided, among other matters, for Mondo Builders’ fixed entitlement to 1,10,000 sq. ft. of Phase 2 villa area, N D Developers’ control of the project, allocation and liability arrangements, and closure of related proceedings.

The appellant also sought dismissal of the appeal against respondent No. 2, the bank, as that respondent was a formal party.

The appeal was brought under Section 13(1-A) of the Commercial Courts Act, 2015.

The Court stated that it could record the parties’ compromise where the terms were lawful and not opposed to public policy.

The Court examined the joint compromise petition and the supporting affidavits, and confirmed that the parties were present and identified by their respective counsel.

Being satisfied that the settlement terms were lawful and not contrary to public policy, it recorded the compromise rather than adjudicating the underlying disputes.

It also accepted the appellant’s request to dismiss the appeal against respondent No. 2.

The Registry was directed to draw up a decree in terms of the compromise.