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Supreme Court of India · body

2000 DIGILAW 1627 (SC)

Engineering Projects India LTD. : K. P. R. Reddy v. K. P. R. Reddy: Engineering Projects India LTD.

2000-09-20

S.N.VARIAVA, V.N.KHARE

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(1) LEAVE granted. (2) AFTER we heard the matter, the parties to these appeals have entered into a compromise. A compromise memo signed by the parties and their Counsel is filed today in the Court. It is taken on record. (3) AS a result of the said compromise memo, a sum of Rs.6,69,72,521/- is payable by the Engineering Projects (India) Ltd. to M/s. K.P.R. Reddy. (4) A further sum of Rs. 2.50 crores which was deposited by Engineering Projects (India) Ltd. in the Original Petition No. 291/92 then pending before the Principal Senior Civil Judge, Visakhapatnam and on which interest of Rs. 30,27,479/- has accrued shall be payable to M/s. K.P.R. Reddy and who would be entitled to withdraw and appropriate the said amount. The first instalment of Rs. 3,30,00,000/- shall be paid by Engineering Projects (India) Ltd. to M/s. K.P.R. Reddy within one month from today through bankers cheque and the balance amount would be payable by 30th of November, 2000. (5) IN case of any default in payment of the said instalments by Engineering Projects (India) Ltd., the said unpaid instalments would carry interest at the rate of 15%. (6) IN the terms of the compromise memo and what has been stated above, the appeals are disposed of. There shall be no order as to costs.