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PETITIONER: SMT. H.B. USHA

       Vs.

RESPONDENT: D.S. RAMACHANDRA

DATE OF JUDGMENT12/12/1994

BENCH: RAMASWAMY, K. BENCH: RAMASWAMY, K. VENKATACHALA N. (J)

CITATION:  1995 SCC  Supl.  (2)  49 JT 1995 (2)    89  1994 SCALE  (5)342

ACT:

HEADNOTE:

JUDGMENT: 1. Leave granted. 2.  We  are  happy to note that at the  suggestion  of  this Court,  the  parties  have settled  the  disputes  amicably. Therefore  having  regard to the terms  of  such  settlement placed before us, the following order is made; The  appellant-Smt.  H.b. usha shall pay to  the  respondent -D.S. Ramachandra a total sum of Rs. 3, 25,00,000/- for  his giving  up  half share in the partnership  firm-  M/s.  Ajax Petro in her favour as under; (1)  A  sum of Rs.75,00,000/- which is   lying in  the  Star Deposit  account  in  State  Bank  of  India,  City  Branch, Bangalore,  in  the name of Stone Bonds (P) Ltd.  should  be released  to the respondent, with interest accrued  thereon, by  crediting the same to the account of the  respondent  in Canara  Bank,  South End Road Branch,  Bangalore,  within  a period of seven days from today; or the appellant shall give necessary  direction to the S.B.I., City Branch,  Bangalore, to withdraw the deposit made in Stone Bonds (P) Ltd. in  the name  of the respondent and deposit the same in the  account of  the  respondent in Canara Bank, South End  Road  Branch, Bangalore, the account number to be given by the respondent. (2)  The appellant shall deposit in the  said account of respondent a sum of Rs.50,00,000/- within a period of  sixty days  today. 3. The balance of Rs.2,00,00,000/- 90 (rupees two crores) shall also be deposited by the appellant in  the said account of respondent within a period  of  four months thereafter or within six months from today. 3.   In the event of any default in the deposit of the  said amounts to the account of respondent, namely, Rs.50,00,000/- (rupees  fifty lakhs) and two crores within the  aforestated respective  periods, from the date of the default  till  the date of deposit, the appellant shall pay interest @ 21%  per annum on the defaulted amount to the respondent.

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(4)  As  requested by the appellant and the respondent,  all the pending suits in all the courts against each other or of each  other’s people and all the proceedings both civil  and criminal  shall stand withdrawn to this Court  and  disposed of. 4.   All suits of either party or others connected with  the dispute are disposed of in terms of this order. (5)  All the criminal proceedings pending against each other or against each other’s employees or others, whosoever  have initiated them, shall also stand withdrawn to this Court and disposed of The list of which is given below: (a)  O.S.No.5550/93  on  the file of the City  Civil  Judge, Court Hall 13, Court Complex, Bangalore. (b)  O.S.No.  10753/93  on the file of 7th  Addl.City  Civil Judge at Bangalore. (c)  F.I.R. 388/93 of Jayanagar Police Station filed by  Mr. D.S. Ramachandra to be closed. (d)  H.B.  Usha’s  case against D.S.  Ramachandra  and  B.S. Nagaraj  in High Ground Police Station on September 1993  to be closed. (e)  Suit No. 1 18/93 in the Munsif’s Court, Berhampur filed by H.B. Usha. (f)  Case  of  theft against  Mr.S.C.Bisogi,  Manager,  Ajay Petro,  filed  by Mr.Shesadri, Power of Attorney  Holder  of Mr.D.S. Ramachandra in Town Police Station, Berhampur. (g)  Police case filed by Mr.Bistu Mohan     against     M/s Lathi and S.C. Bisogi. (6)  The respondent shall, as is undertaken  by         him, handover all the lease deeds and other documents  pertaining to  partnership business in his possession to the  appellant within a period of one week from today. (7)  In the event of the default being continued beyond  the period of six months, the respondent-D.S. Ramachandra  would be  at  liberty to approach this Court  seeking  appropriate directions  for  reversal of the orders passed  today.   The leases  granted  in  the name of firm M/s  Ajax  Petro  will continue  in the same name but, as a proprietory concern  of the appellant-H.B. Usha and M/s Ajax Petro shall be regarded as  her proprietory concern with full proprietory rights  in its assets. 5.   The appeal is accordingly disposed of No costs. 91