1 APEAL-471-08.odt IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION APPEAL NO.470 OF 2008 IN ARBITRATION PETITION NO.402 OF 2006 Cherish Investments Private Limited and anr. ..Appellants Vs Regency Hotels Private Limited and anr. ..Respondents WITH APPEAL NO.471 OF 2008 IN ARBITRATION PETITION NO.403 OF 2006 Cherish Investments Private Limited and anr. ..Appellants Vs Haresh Advani and ors. ..Respondents -- Mr.D.D.Madon, Senior Counsel i/b.M/s.Kanga & Co., for appellants. Mr.D.B.Shroff, Senior Advocate with Mr.R.P.Jain i/b.RES Legal, for respondent no.1. Ms.Rimali Paradkar i/b.Mr.I.R.Joshi, for respondent no.2. -- 2 APEAL-471-08.odt CORAM : D.K.DESHMUKH & R.G.KETKAR, JJ. DATE : 2 nd AUGUST, 2011 P.C: By consent of the parties, both Appeals are disposed of in the following terms: (i) Respondent nos.1 and 2 shall pay to the appellants an amount of Rs.2.20 Crores with interest at the rate of 10% per annum from 28 th July, 1996 till the date of payment (it is agreed between the parties that as of today, the amount payable by respondent nos.1 and 2 to the appellants comes to Rs.5.50 Crores). Respondent nos.1 and 2 is to be allowed period of one year from today for the payment of the above amount. (ii) The amount that may be paid by respondent nos.1 and 2 to the appellants shall be adjusted by the appellants towards amount of interest and thereafter, towards the amount of principle. The amount of interest will be chargeable on the principle amount only. (iii) It is also agreed between the parties that 10% of the due amount shall be paid by respondent nos.1 and 2 to the appellants on 3 APEAL-471-08.odt or before 1 st September, 2011, thereafter the second installment by 1 st February, 2012 and the last installment on or before 1 st August, 2012. It is also agreed that the second installment and third installment shall not be less than 45% of the total amount due. (iv) It is also agreed between the parties that respondent nos.1 and 2 shall issue post dated cheques in favour of the appellants representing above amount within 10 days (v) On the above payment being made by the respondent nos.1 and 2 to the appellants, the award made by the learned Arbitrator and the order passed by the learned single Judge in Arbitration Petition Nos.402 of 2006 and 403 of 2006 shall stand set aside as against respondent nos.1 and 2 only. (vi) The remedies that the appellants may have against respondent nos.3 and 4 are kept open. [R.G.KETKAR, J.] [D.K.DESHMUKH, J.]