ORDER
In deference to our order dated 31.10.2014, Mr. Hamrit Singh Chawla, the Managing Director of M/s Reliant Infrastructure Pvt. Ltd., Appellant in Appeals Execution No. 10 & 11 of 2014, is present in person.
We have heard Mr. Pattjoshi, learned Senior Counsel, appearing for the Appellant as also the Respondents/Complainants, who are present in person along with their Counsel. We are happy to note that, during the course of hearing, the parties have finally agreed to amicably settle their disputes, relating to the two flats in question, on the following terms:
The Appellant Company shall refund to the Complainants the amount(s) deposited by them with the Company from time to time along with simple interest at the rate of 15% per annum from the date of each deposit till the date of realization of the said amount(s); i.
The amount due in terms of the settlement shall be paid by the Appellant Company to the Complainants in two equated installments within 60 days from today; the first installment shall be paid on or before 05.12.2014 and the balance amount on or before 05.01.2015; ii.
On payment of the first installment, in terms of this order, the Complainants shall discharge the loan(s) raised by them from ICICI Bank and obtain lien discharge certificate from the Bank. The said exercise shall be completed by the Complainants on or before 05.01.2015, i.e. the date fixed for payment of the second final installment; the no lien certificate shall be handed over to the Appellant Company at the time of receiving the second and final instalment; and
iii.
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Till the entire amount, in terms of this order, is refunded to the Complainants, the Appellant Company shall not create any third party interest in the two flats in question. The parties shall remain bound by the terms of the above settlement. iv.
Appeals Execution No. 10 and 11 of 2014 are disposed of in the above terms with no order as to costs with liberty to the parties to seek appropriate orders if the time schedule, as fixed above, or any other terms of the afore-noted settlement are not adhered to. It is pointed out by learned counsel for the parties that First Appeals No.423 & 424 of 2013 and 573 & 574 of 2013 have been preferred by both the parties, against order dated 01.05.2013 passed by the State Commission, which had given rise to the present Execution Appeals.
Since all the disputes between the parties, pertaining to the two flats in question, have been settled as per the terms recorded in Appeals Execution No. 10 & 11 of 2014, with the consent of counsel for the parties, the said four appeals as also Complaints No. 71 and 72 of 2012 are disposed of as not pressed. The statutory deposits made in all these four appeals shall stand transferred to the "Consumer Legal Aid Account-NCDRC".
Dasti.
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D.K. JAIN
PRESIDENT
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VINAY KUMAR
MEMBER
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