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2019 Supreme(SC) 686
SUPREME COURT OF INDIA
ABHAY MANOHAR SAPRE, INDU MALHOTRA, JJ.
State Trading Corporation of India Ltd. – Appellant
Versus
M/s Global Steel Holding Limited & Ors. - Respondents
M.A. No. 320 of 2019 IN Civil Appeal No. 11907 of 2018
Decided on : 12-03-2019
Advocate Appeared:
For the Appellant : Mr.Dushyant Dave, Sr.Adv., Mr.Uday Gupta, Adv., Ms.Shivani Lal, Adv., Mr.Tarkeshwar Nath, Adv., Mr.Hiren Dasan, Adv., Mr.Madhu Sudan Bhayana, Adv. Mr.M.K.Tripathi, Adv., Mrs.Sarla Chandra, Adv.
For the Respondent: Mr.Kapil Sibal, Sr.Adv., Mr.Gautam Mitra, Adv., Mr.Pankaj Baghla, Adv., Mr.Gaurav Mitra, Adv., Mr.Rishad Medora, Adv., Mr.Avishkar Singhvi, Adv., Ms.Deepali Dwivedi, Adv., Mr.Samar Kachwaha, Adv., Mr.Nipun Katyal, Adv., Mr.Mohit D. Ram, Adv., Ms.Binu Tamta, Adv., Mrs.Anil Katiyar, Adv., Mr.Shiv Mangal Sharma, Adv., Ms.Anju Jain, Adv., Mr.Hitesh Sachar, Adv., Ms.Shruti Kiran, Adv.
The court has the power to quash proceedings if the liabilities under the agreements are fully satisfied, exercising powers under Article 136 r.w. Article 142 of the Constitution of India.
Headnote:
Order - Quashing of Proceedings - The court quashed various proceedings arising from settlement agreements, as the liabilities under the agreements were fully satisfied, exercising powers under Article 136 r.w. Article 142 of the Constitution of India.
Fact of the Case:
The amount payable by the respondents towards interest has been paid, satisfying all liabilities under the settlement agreements. The State Trading Corporation stated that there is no further claim against the respondents arising from the agreements.
Finding of the Court:
The court quashed the proceedings arising from the agreements, as the liabilities were fully satisfied, and the State Trading Corporation stated that there is no further claim against the respondents.
Issues: Quashing of proceedings arising from settlement agreements.
Ratio Decidendi: The court exercised its powers under Article 136 r.w. Article 142 of the Constitution of India to quash the proceedings, as the liabilities under the agreements were fully satisfied.
Final Decision: The court quashed the proceedings and disposed of the matter with no order as to costs.
ORDER :
INDU MALHOTRA, J.
1. Pursuant to the Order dated December 6, 2018 passed by this Court, we are informed by Senior Counsel Mr. D. A. Dave representing the State Trading Corporation of India, and Mr. Kapil Sibal, Senior Advocate for the Respondents, that the amount of Rs. 600 crores payable by the Respondents towards Interest @ 8% p.a. by 28th February, 2019 has been paid. As a consequence, all the liabilities under the Settlement Agreement dated 15.11.2010, and Further Settlement Agreement dated 17.05.2012, stand fully satisfied. It is stated on behalf of S.T.C. that there is no further claim of the Appellants against the Respondents, arising out of the aforesaid Agreements.
2. As a consequence, in exercise of our powers under Article 136 r.w. Article 142 of the Constituion of India, we hereby quash the following proceedings which have arisen from the Agreements mentioned hereinabove :
i. F.I.R. lodged by C.B.I. on Complaint of State Trading Corporation bearing R.C. No. 217/2017/A0005/CBI//ACUVI/ACII/New Delhi.
ii. E.C.I.R. by Enforcement Directorate on the basis of the
F.I.R. lodged by C.B.I. bearing ECIR No. – ECIR/03/DZI/2017 dated 29.03.2017.
iii. Show Cause Notice dated 29.12.2017 issued by the High Commission of India, Passport & Consular Wing, India House, London.
iv. Any Look Out Notice issued against Mr. Pramod Mittal or his wife, or their children, by the Authorities and/or Agencies arising from the aforesaid Agreements.
v. Eleven Complaints under S. 420 and 409 I.P.C. pending before the Court of Shri Dharmendra Kumar, Ld. Metropolitan Magistrate, Patiala House Courts, New Delhi.
3. It was further stated by Mr. D.A. Dave, Senior Advocate on instructions of his clients, that since the amounts due and owing to S.T.C. under the Agreements mentioned hereinabove, stood satisfied, it would not prosecute the Winding Up proceedings instituted by it against GSHIL – Respondent No. 1 in the Isle of Man Court. We take on record the said statement made by S.T.C.
M.A. No. 320/2019, stand disposed of in the above terms with no Order as to Costs.
