In a landmark judgement by the Delhi High Court, a Memorandum of Settlement has been approved between the First Party and Second Party. The settlement, dated 28th May, 2024, brings an end to all legal disputes between the parties and outlines the terms for resolution. Stay informed about this significant development in the legal realm. #DelhiHighCourt #LegalCase #SettlementAgreement
Facts
- Both First Party and Second Party agree to sign the joint application for seeking disposal of the suits filed before the Hon’ble High Court of Delhi.
- A Memorandum of Settlement dated 28th May, 2024 has been submitted along with the said application.
- The joint application is in accordance with the terms outlined in the Memorandum of Settlement.
Analysis
- This Memorandum of Understanding (MOS) constitutes the entire agreement between the Parties and supersedes any prior arrangements.
- The Parties have both read and understood the contents of the MOS before signing.
- Both Parties confirm that entering into this MOS does not violate any existing contractual or legal obligations.
- The demand drafts payable to the Second Party will be held by Mr. Ashok Chaudhary after the signing of the MOS.
- The Mutual Operation Services (MOS) may be amended or modified with the mutual consent of the Parties
- Amendments must be in written form and duly signed by both Parties
- If any provision of the MOS is held to be invalid, illegal, or unenforceable, the remaining provisions remain valid
- The validity, legality, and enforceability of the remaining provisions are not affected by any invalid parts
- Invalid, illegal, or unenforceable parts do not impact the overall validity of the MOS
Decision
- The Parties agree that the Memorandum of Settlement dated 28th May, 2024 supersedes all prior agreements and understandings between them.
- All legal proceedings between the Parties shall cease upon the execution of the Memorandum of Settlement.
- The Second Party will vacate and handover the subject property by 15.06.2024.
- All pending applications are disposed of as per the terms of the Settlement.
- The First Party will pay a lump sum amount towards the depreciated cost of improvements made by the Second Party to the subject property.
- The Memorandum of Settlement shall be governed by the laws of India with Delhi courts having exclusive jurisdiction.
Case Title: M/S DEVCAS DEVELOPERS AND BUILDERS PVT. LTD. Vs. MKM CREATIONS PVT. LTD. (2024:DHC:4598)
Case Number: CS(COMM)-903/2023
