State Trading Corporation of India Ltd vs M/s Global Steel Holding Limited & Ors.

Court

Supreme Court of India

Date

12 March 2019

Case No.

M.A.No.320/2019 in C.A.No.11907/2018

Bench

Abhay Manohar Sapre, Indu Malhotra

Citation

[2019] 2 S.C.R. 1040 : 2019 INSC 355

Headnote

Constitution of India:

Art. 136 r/w Art. 142 – Power under – Exercise of – On facts, settlement agreements between the parties – Payment of Rs 600 crores by the respondent towards interest@ 8% p.a. by the stipulated period, to the appellant – Held: All liabilities arising under the settlement agreement stands satisfied – Thus, in exercise of power u/Art. 136/142, the proceedings-FIRs, ECIR by the Enforcement Directorate, show cause notices and complaints, arisen from the Agreements quashed.

The following Order of the Court was passed ORDER 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.

View Subscription Plans →