ORDER

% 27.03.2024

1. This hearing has been done through hybrid mode.

O.M.P.(I) (COMM.) 26/2023

2. These are two connected petitions filed seeking relief under Arbitration and Conciliation Act, 1996. The dispute in these petitions arise out of Facility Agreements, Sanction Letter-4 and other loan related documents. On 14th March, 2024, ld. Counsel for the Respondent submitted that the parties are trying to amicably resolve the matter.

3. Today, the Court has heard ld. Counsel for the parties for some time. It becomes clear from the record that a settlement agreement dated 26th July, 2023 was entered into between the parties wherein a one-time settlement (OTS) amount of Rs. 18 crores was agreed to be paid between the parties for payment. Out of the said amount, Rs.12.75/- crores have been cleared and repeated extensions were granted for remaining payments. The last extension granted was till 14th March, 2024. By this date, a sum of Rs.1.5 crores was also to be paid. Out of the said Rs. 1.5 crores only Rs.25,00,000/- has been paid. The entire due of Rs.5.75 crore is to be cleared by 30th April, 2024.

4. There was an interim order which was passed in this matter on 2nd February, 20