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CASE NO.: Appeal (civil)  41 of 1998

PETITIONER: M/S.VEDSONS ENGINEERS (P) LTD

RESPONDENT: P N B

DATE OF JUDGMENT: 18/07/2006

BENCH: Dr. AR. LAKSHMANAN & LOKESHWAR SINGH PANTA

JUDGMENT: J U D G M E N T  

Dr. AR . Lakshmanan, J.                  By consent of all parties, the Civil Appeal and  IA no.8 of 2006 are taken up for final hearing.  Civil  Appeal No.41 of 1998 was filed by M/s. Vedsons  Engineers (P) Ltd. challenging the order of the  Division Bench of the Punjab & Haryana dated  20.3.1997 in Company Appeal no.17 of 1996.  In I.A.  no.8/2006,  all the facts relating to this case have  been mentioned therein.   Memorandum  of  Compromise has been filed along with the said I.A.  as Annexure ’A1’.  The Memorandum of Compromise  has been arrived at between the appellant  M/s.Vedsons Engineers (P) Ltd. and the Punjab  National Bank as well as M/s. Vedsons Steel & Wires  Pvt. Ltd.    M/s. Vedsons Engineers (P) Ltd. and M/s.  Vedsons Steel & Wires Pvt. Ltd. are signatory to the  Memorandum of Compromise.  Since M/s. Vedsons  Steel & Wires Pvt. Ltd.  were not impleaded as a  party earlier, the said party is now impleaded as  appellant no.2 in this appeal.                  We have perused the Memorandum of  Compromise arrived at between the parties and the  same is in order duly signed by Mr. Ashok Anand,  Managing Director of both M/s. Vedsons Engineers  (P) Ltd. and M/s. Vedsons Steel & Wires Pvt. Ltd. and  also by Mr. Kulwant Singh Bhatia, Manager of the  Punjab National Bank.  The Affidavit filed by Mr.  Ashok Anand, Manager of M/s. Vedsons Engineers (P)  Ltd. and M/s. Vedsons Steel & Wires Pvt. Ltd. in  support of the Memorandum of Compromise is taken  on record.   We make it clear that the terms of  settlement is only between appellant nos.1 & 2 and  the Punjab National Bank and not with reference to   the other creditors of the Company, if any.

       In view of afore-mentioned terms agreed upon  between the appellants and the respondent Bank, we  dispose of the appeal in terms of the Compromise.   This Compromise will form part of the decree.  The  Civil Appeal and the I.A. no.8 stand disposed of  accordingly with no orders as to costs.