The Hon’ble Sri Justice C.V.Nagarjuna Reddy WPMP.No.14737 of 2011 in/&Writ Petition No.9091 of 2008 Dated 27th June, 2011 Between: M/s.Balaji Energy Private Limited, rep. by its Director, L.Venkata Rami Reddy …Petitioner And Indian Renewable Energy Development Agency Limited, (A Govt. of India Undertaking), rep. by its Managing Director. …Respondent Counsel for the petitioner: Smt.Krishna Gahaloth for Sri Vedula Venkataramana Counsel for the respondent: Mr.T.Vijay Kumar Reddy The Court made the following: Common Order: This Writ Petition is filed for a Mandamus to declare the action of the respondent, in not allowing the benefit of the reduction of rate of interest from 14% p.a., to 10% p.a., with effect from 29-07-2005 and 04-10-2006, to the petitioner in respect of his loan agreement, dated 21-01-2002, as illegal and arbitrary. At the hearing, Smt.Krishna Gahaloth, learned Counsel, representing Sri Vedula Venkataramana, learned Counsel for the petitioner, and Sri T.Vijay Kumar Reddy, learned Counsel for the respondent, submitted that subsequent to the filing of this Writ Petition, a Memorandum of Compromise has been entered into, on 18-04-2011, between the petitioner and the respondent. The petitioner has filed WPMP.No.14737 of 2011 for recording the said Memorandum of Compromise and closing the Writ Petition. The original Memorandum of Compromise is enclosed to the said WPMP. A perusal of the said Memorandum shows that the following terms have been agreed upon between the parties: 1. Agreed that the rate of interest shall be reduced from 14% to 10% (fixed) under the Loan Agreement, dated 21-02-2002 with effect from 01- 01-2007, subject to payment of premium @ 10% NPV (Premium already paid will be adjusted) by the petitioner. 2. Agreed that the World Bank Rebate and Timely Rebate for 05 quarters (from 01-07-2005 to 30-09- 2006) for which the interest was funded in the re- schedulement and the dues were adjusted from the last disbursement after commissioning of the project, shall be granted to the petitioner. 3. Agreed that petitioner shall regularize the account upto 31-12-2010 by making payment of the balance dues under the Loan Agreement before 31st March, 2011 to the Respondent. 4. Agreed that the petitioner shall hereby withdraw the pending case i.e., W.P.No.9091 of 2008 on the file of the Hon’ble High Court of A.P., and any other cases filed by it against the respondent. Having regard to the above-noted Memorandum of Compromise, WPMP.No.14737 of 2011 is allowed and the Writ Petition is disposed of in terms thereof. As a sequel to disposal of the Writ Petition, W.P.M.P.No.3091 of 2010, filed by the petitioner for interim relief, is disposed of as infructuous. ______________________ (C.V.Nagarjuna Reddy, J) 27th June, 2011 lur