1 pdp IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORIDINARY ORIGINAL CIVIL JURISDICTION CHAMBER SUMMONS NO. 664 OF 2007 IN APPEAL NO. 56 OF 2006 IN CHAMBER SUMMONS NO. 158 OF 2005 IN SUIT NO. 1228 OF 1985 Vasudev Babubhai Kocha and anr. .. Appellants Vs. Rasilaben Kantilal Kansara and ors. .. Respondents And 1A. Vanitaben Vasudev Kocha and anr. .. Respondents Mr. E.P. Bharucha, Senior Counsel a/w Ms. Priyanka Vegad & Cyrus Bharucha i/by Manilal Kher Ambalal & Co. for applicant – appellant no.2. Mr. Rajesh Shah a/w Purnima Bhatia for applicant in Ch/s No. 84/09 & for respondent no.1(a & b) in Ch/S. No. 664/07. Mr. Mustafa Doctor a/w Rohan Cama & Ankita Singhania i/by Bachubhai Munim & Co. for respondent no.1. Mr. M. P. S. Rao a/w Rajesh Talekar i/by K. Ashar & Co. for respondent nos.2A to 2F. Court Receiver Shri P. L. Vyas present. 2 CORAM: B. H. MARLAPALLE & SMT. V.K. TAHILRAMANI, JJ. January 20, 2010. P.C. 1. Heard the learned counsel for the parties. 2. Appeal No. 56 of 2006 came to be decided by this court on 5/9/2006 and the valuation of the market value as on 27/3/2001, i.e. the date on which the firm stood dissolved, was held to be the correct valuation as the firm was dissolved as per the Arbitrator’s award dated 27/3/2001. 3. This Chamber Summons has been filed with a prayer to extend the time of exercising option by six weeks, as contained in para 39 of the award dated 27/3/2001 and to be calculated from the time the accounts are finalized. 4. While we have heard Mr. Bharucha the learned Senior Counsel for the applicant (2nd appellant), we had suggested the parties, i.e. the 2nd appellant and the original plaintiff, and granted some time to negotiate on 3 the terms of settlement. 5. Today when the Chamber Summons came to be listed before us, we have been informed that the plaintiff and the 2nd appellant have compromised and the 2nd appellant has agreed to pay a lump sum amount of Rs.65,00,000/- (Rupees Sixty-five lakhs only) to the plaintiff and this proposal has been accepted by the plaintiff, as well. It has agreed between the parties that from the deposited amount of Rs.80,00,000/- (Rupees Eighty Lakhs only) by the 2nd appellant, the plaintiff should be paid an amount of Rs.65,00,000/- (Rupees Sixty five lakhs only) and the balance amount with interest accrued thereon be refunded to the 2nd appellant by the Prothonotary & Senior Master of this Court. 6. We are satisfied that the settlement on the above terms is in the interest of both the parties i.e. plaintiff and the 2nd appellant and, therefore, it deserves to be accepted. Both the parties are present before us in as much as the 2nd appellant is present in person and the plaintiff is present through her son and power of attorney and both of them agreed before us that this settlement terms have been accepted by them voluntarily and on their satisfaction that it would serve their respective interests. Both the 4 parties have also stated before us that the disputes which were subject matter of Appeal No. 56 of 2006 have been resolved fully and no claims whatsoever in future will be made by any one of them against other i.e. the plaintiff and 2nd appellant. 7. The Chamber Summons is disposed off in terms of the above settlement and the Prothonotary & Senior Master of this court is directed to act upon this order. 8. All concerned to act on an authenticated copy of this order. (SMT. V.K. TAHILRAMANI,J.) (B. H. MARLAPALLE,J.)