Heard learned counsel for the appellants and

learned counsel for the sole respondent.

2.

It is submitted that first appellant was an

incorporated entity and on account of certain violations

came to be struck off from the roles of Registrars of

the Companies and that the debt having been

admitted, the parties having negotiated and arrived at

settlement namely, appellants/judgment debtors have

agreed

to

pay

a

sum

of

Rs.40,00,000/-

and

respondent/plaintiff has agreed to receive the same in

full and final settlement.

3.

The parties have reduced to writing their

terms of understanding. The same reads as under;

<a. The Respondent has agreed to receive an

amount of Rs.40,00,000/- (Rupees Fourty

Lakhs Only) as the full and final settlement of

its claim and in full satisfaction of the decree

passed in O.S. No.38/2004 by the Court of

4

the

Sr.

Civil

Judge,

Kundapura

dated:06.03.2015.

b. The Appellants have no-objection for

withdrawal of the amount of Rs.15,00,000/-

deposited by them before the Hon9ble High

Court and for transfer of the said amount to

the account bearing No.01312200081511 at

Canara

Bank,

Saligrama

Branch

(IFSC

Code:CNRB0010131) of Sri. K. Laminarayana

Nayak, Managing Partner, M/s.

Nayak Finance & Investment.

c. The Appellant Nos. 3 to 5 hereby agree to

pay a sum of Rs.25,00,000/- by way of

Demand Draft No.324985 drawn on Canara

Bank, Thekkatte Branch, dated:01.02.2022 in

favour of Sri. K. Laxminarayana Nayak,

Managing Partner, M/S. Nayak Finance &

Investment. The Appellant Nos. 3 to 5 have

agree to handover the said Demand Draft to

K. Laxminarayana Nayak, before the Hon9ble

High Court, at the time of recording of this

compromise.

d. The Respondent acknowledges the receipt

of Rs.25,00,000/- (Rupees Twenty Five Lakhs

Only) and acknowledges that it has received

the total agreed amount of Rs.40,00,000/-

(Rupees

Forty

Lakhs

Only)

from

the

Appellants Nos.3 to 5.

e. The Respondent has no other claim against

the Appellants.

f. The Appellants 3 to 5 have paid the court

fee of Rs.1,77,125(Rupees One Lakh Seventy

Seven Thousand One Hundred and Twenty

Five) on the appeal. The Court fee paid in the

appeal may be transferred to the account of

Appellant No.4.=

5

4.

It is submitted by learned counsel for the

appellants that appellants have deposited a sum of

Rs.15,00,000/- (Rupees Fifteen Lakhs only) before this

Court. Today, they have handed over Demand Draft

bearing No.324985, drawn on Canara Bank, Thekkatte

Branch dated 01.02.2022 for a sum of Rs.25,00,000/-

(Rupees Twenty Five Lakhs only). The respondent

acknowledges the receipt of the said Demand Draft.

The learned counsel for the appellants submits that

they have no objection to release the amount

deposited by them before this Court and transfer the

said amount to the account of the respondent. His

submission is taken on record.

5.

Office shall release the amount in deposit in

favour of respondent after following due process.

6.

The appeal is partly allowed in terms of the

Compromise Petition.

6

Office shall draw decree accordingly. Registry to

look in and refund the permissible Court Fee.

Sd/-

JUDGE

Sd/-

JUDGE

RU