1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION SUIT NO.74 OF 2003 Surendra Kumar Gupta .. Plaintiff Versus Gandevi Tube Industries Pvt. Ltd. and Ors. .. Defendants Mr.K.Modi with P.N.Singh i/b. Vyas & Bhalwal for plaintiff Mr.K.Jain with Ms.Neeta Solanki i/b. Kiran Jain & Co. for defendants. CORAM : S.C.DHARMADHIKARI, J. DATE : 10th April 2008 P.C. . This suit is placed for recording evidence. 2. However, Mr.Jain appearing for defendants states before me that instead of this Court proceeding to record evidence, the defendants 2 desire that the matter be put an end to amicably. He submits that some without prejudice proposals and suggestions have been made in that behalf which fact is not denied by the plaintiff. 3. Mr.Modi appearing for plaintiff confirms that some proposals and suggestions were received but his instructions are that plaintiff are not agreeable to give up the entire claim of interest. More so, when the amount is outstanding from 1999-2000. Both sides do not dispute that the principal sum which is due and payable is Rs.5,41,626.80. The amount of interest which is calculated from 3rd November 1999 till 9th October 2002 is Rs.3,79,138.78. Both sides submit that insofar as principal sum is concerned, a decree be passed in favour of plaintiff and against the defendants but with regard to the quantum of interest as the plaintiff had raised that issue, ultimately, the decision in that behalf is left to Court. 3 4. After both sides are heard, ultimately, it is agreed that if the defendants pay to the plaintiff a sum of Rs.6 lakhs within such time as is stipulated by the Court and in instalment with usual protection, the decree would be marked satisfied on receipt of the last instalment. If there is default, then, the entire claim in the suit stands decreed as prayed and the plaintiff would be at liberty to execute and enforce the decree in accordance with law. Hence the following order:- (a) Upon plaintiff receiving a sum of Rs.6 lakhs from the defendants in instalments stipulated below, the decree to be marked satisfied on the receipt of last instalment. It is agreed between the parties that the defendants would pay a sum of Rs.1 lakh by 25th June 2008 and the balance sum of Rs.5 lakhs shall be 4 paid in 19 monthly equal instalments. Every instalment would fall due on 20th of each month and till the entire sum is paid off, the defendants shall continue to pay the same as agreed monthly. (b) In the event of default in payment of Rs.1 lakh by 25th June 2008 or any default in payment of the subsequent instalment, the same shall result in the suit being decreed as prayed and in that event the plaintiffs would be entitled to recover the entire sum along with interest outstanding or due and payable in accordance with law. (c) Upon payment of the last instalment, the decree to be marked satisfied; 5. Mr.Jain appearing for defendants ensures 5 that till the claim in the suit is settled as above, the defendants shall not alienate, encumber or part with possession of the factory premises so also their Mumbai offices, more particularly described in the title to the plaint. Decree be drawn up accordingly. (S.C.Dharmadhikari, J)