PNP 1 WP6637-9.12.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION WRIT PETITION NO.6637 OF 2010 WITH CIVIL APPLICATION (ST.) NO.31134 OF 2010 Bharati S. Khandhar ..Petitioner. versus Phoenix ARC Private Ltd. and another ..Respondents. ..... Mr. V.R. Dhond with Mr. Mayur Khandeparkar, Mr. T.N. Tripathi and Ms.Sapna Rachure i/b M/s. T.N. Tripathi & Co. for the Petitioner. Mr. Burgess Colabawlla with Mr. Nikhil Rajani i/b M/s. V. Deshpande & Co. for Respondent No.1. Mr. Satish Shetye with Mr. R.V. Dholakia i/b Bharat Bhushan Yadav for the Intervenor. ...... CORAM : DR.D.Y.CHANDRACHUD & ANOOP V. MOHTA , JJ. 9 December 2010. P.C. : The Petition has been heard extensively. Before the Court could commence the dictation of the judgment, counsel appearing on behalf of the Petitioner and counsel appearing on behalf of the First Respondent who are the contesting parties are agreed on the instructions of their respective clients that the following order may be passed by consent without any further recording of reasons : i) The Petitioner agrees to pay an amount quantified at Rs.65 lacs PNP 2 WP6637-9.12.sxw to the First Respondent in full and final satisfaction of the claim of the First Respondent in recovery certificate 364 of 2004 arising out of the final judgment of the Debts Recovery Tribunal dated 24 August 2004; ii) In satisfaction of the claim of the First Respondent to receive the amount of Rs.65 lacs from the Petitioner as stated in clause (i) above, the First Respondent will be at liberty to withdraw an amount of Rs.50 lacs deposited by the Petitioner before the Debts Recovery Tribunal in pursuance of the Consent Terms arrived at between the parties on 29 July 2008 before the Debts Recovery Tribunal together with the accrued interest, if any thereon. The Petitioner agrees and undertakes to pay to the First Respondent the balance that is due and payable to the First Respondent so as to make good the total payment of Rs.65 lacs within a period of four weeks from today; iii) Immediately on the payment of a sum of Rs.65 lacs to the First Respondent as stated in clauses (i) and (ii) herein above, recovery certificate 364 of 2004 shall be marked as satisfied and the First Respondent shall handover to the Petitioner the title deeds of the mortgaged property viz. flat Nos.502/503 and 1201/1202, Benzer Tower, Thakur Complex, Kandivali (East), Mumbai 400 101.; the First Respondent states that all the title deeds which were received by the First Respondent from the assignor, Standard Chartered Bank shall be returned to the Petitioner; iv) In the event that the Petitioner commits any default in the payment of an amount of Rs.65 lacs or any part thereof, the Writ petition shall stand dismissed without further reference to PNP 3 WP6637-9.12.sxw the Court and the First Respondent would be at liberty to execute the judgment and order dated 22 August 2004 of the Debts Recovery Tribunal in O.A. 266 of 2002; v) This consent arrangement which has been agreed to between the parties shall supersede all previous arrangements and terms between the parties; The Writ Petition shall by consent stand disposed of in the aforesaid terms, since no other point has been pressed on either side. In view of the order that has been passed by consent in the Writ Petition, Civil Application (St.) 31334 of 2010 does not survive and is dismissed as not pressed. The Recovery Officer shall act on an authenticated copy of this order issued by the office of this Court. (Dr. D.Y. Chandrachud, J.) (Anoop V. Mohta, J.)