AGREEMENT FOR SETTLEMENT BETWEEN MRS.
LEENA
GEEVARGHESE AND MR. NAVNEET ADITYA
This Agreement for Settlement (hereinafter referred toas the
“Agreement”) is made on this 8th day of May, 2024 BY and
BETWEEN
Mrs. Leena Geevarghese, currently residing at A-201, Kukreja
Residency WT Patil Mar Chembur Mumbai 400071 including her legal
heirs and successors, the Party of the FIRST PART
AND
Mr. Navneet Aditya, currently residing at Pune , (hereinafter referred to
as the "Counsellor") including his legal heirs and successors, the Party
of the SECOND PART
Mrs. Leena and Mr. Navneet shall be individually referred to as “Party”
and collectively referred to as “Parties”.
WHEREAS:
1. The Counsellor has received a sum of INR 85,50,066.40 from Mrs.
Leena, for the purposes of completing admission process of her
daughter at St. John's Medical College, Bangalore, under certain
terms and conditions. However, the admission was not granted by
the said college.
2. The Counsellor had issued several cheques to repay the due
amount, which were returned due to insufficient funds, attracting
provisions under Section 138 of the Negotiable Instruments Act,
1881 among other legal charges. Hence, legal notice was issued to
the Counsellor by Mrs. Leena though her Advocate on 22/03/2024.
3. Subsequently, the Parties negotiated with each other which was
facilitated by their respective advocates, Advocate Chandrakant
Kola and Advocate Ambikaprasad Sonawane and have agreed to
settle their dispute pertaining to the repayment for a sum of INR
77,00,066.40.
4. Subsequently, upon negotiations and reconciliation of accounts
facilitated by their respective advocates, it was mutually agreed by
both parties, that, Counsellor has already paid Rs.8,50,000/- and
Rs.2,05,000/- was added twice to the claimed outstanding amount
by Mrs. Leena.
5. Both the Parties mutually agreed that the outstanding dues to be
paid by the Counsellor is INR 77,00,066.40 and they further agreed
for a repayment schedule as detailed herein below as part of the full
settlement of all the dues by the Counsellor and cease further legal
process by Mrs. Leena.
NOW THEREFORE in consideration of the representations,
warranties and agreements set forth herein the Parties hereto
agree as follows:
1. Payment Schedule:
Both the Parties hereby agree that the Counseller will make
repayment of the above-mentioned amount as per the repayment
schedule stated herein:
i. The Counsellor agrees to pay INR 10,00,000/- at the time of
signing this Agreement.
ii. The remaining sum of INR 67,00,066.40/- shall be paid in
instalments of INR 7,00,000/- each month, on or before the
10th day of each month, starting from the month of June 2024.
iii. Additionally, an extra sum of INR 3,00,000/- shall be paid in
the months of July and August 2024, on or before the 20th day
of each month.
The Repayment Schedule
Sr. No. Date Amount in INR
1 Date of signing this Settlement Agreement 10,00,000
2 On or before 10/06/2024 7,00,000
3 On or before 10/07/2024 7,00,000
4 Between 11/07/2024 to 20/07/2024 3,00,000
5 On or before 10/08/2024 7,00,000
6 Between 11/08/2024 to 20/08/2024 3,00,000
7 On or before 10/09/2024 7,00,000
8 On or before 10/10/2024 7,00,000
9 On or before 10/11/2024 7,00,000
10 On or before 10/12/2024 7,00,000
11 On or before 10/01/2025 7,00,000
12 On or before 10/02/2025 5,00,066
2. No Legal Action while in Compliance:
Mrs. Leena Geevarghese hereby confirms that the Parties have
amicably settled the disputer amongst them and mutually agreed for
above mentioned payment schedule. Accordingly, she has revoked
the notice for payment sent by her. Hence, if the Counsellor adheres
to the mutually agreed payment schedule as stated hereinabove, and
Mrs. Leena Geevarghese still initiates any legal action against the
Counsellor, including and not limited to any false charges of fraud or
any provisions of IPC or Negotiable Instruments Act, the Counsellor
will have all the rights to initiate legal action including but not limited
to, charges of fraud, breach of contract, making false promises and
other relevant sections of Indian Penal Code, 1860.
3. Legal Consequences on Default:
Failure to adhere to the agreed payment schedule by the Counsellor
will result in legal consequences, including but not limited to section
420 of IPC and actions under Section 138 of the Negotiable
Instruments Act, 1881.
4. Settlement Outside Court:
Both the Parties hereby confirm that this Settlement Agreement is an
outcome of the mutual decision to settle the matter outside the court,
arrived at through negotiations amongst the concerned parties and
their advocates, via digital communication on 2nd May 2024.
5. Entire Agreement:
This Agreement constitutes the entire agreement between the parties
regarding the subject matter hereof and supersedes all prior
understandings, agreements, or representations by or between the
parties, written or oral.
6. Binding Effect:
This Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and their respective legal heirs, legal
representatives, and assigns.
7. Notices:
All notices required to be given under this Agreement shall be in
writing and shall be delivered by personal delivery, or by certified/
registered mail, return receipt requested, or courier service, or email
addressed to the Parties at their respective addresses specified
hereinabove or at such other addresses as the Parties may specify in
writing.
8. Governing Law and Jurisdiction
This Agreement shall, subject to the Dispute Resolution Clause, be
governed by and construed in accordance with the laws of India. If
any action is brought to interpret or enforce any terms of this
Agreement, the action shall be exclusively brought in a competent
Courts of Mumbai.
9. Dispute Resolution:
Any dispute arising under or in connection with this Agreement,
regarding its validity, interpretation, implementation or alleged
material breach of any terms/ conditions etc., shall, if not settled
amicably between the Parties, be settled by Arbitration. Arbitration
shall be governed by the Arbitration and Conciliation Act, 1996,
including any modifications thereto and re-enactments thereof and
the sole Arbitrator shall be mutually appointed in accordance with the
said Act. The language to be used in Arbitration proceedings shall be
English and the seat of arbitration shall be at Mumbai. The Award of
the Arbitral Tribunal shall be final and binding on both the Parties.
The cost and expenses of Arbitration including fees of the Arbitrator
shall initially be borne equally by both the Parties and ultimately as
provided in the Award.
10. Counterparts:
This Agreement shall be executed in any number of counterparts,
each of which is an original and together shall constitute a single
instrument. This Agreement may be executed electronically by both
the Parties and the electronic signatures shall be of the same legal
effect, validity and enforceability as manually executed signatures.
IN WITNESS WHEREOF, the parties have executed this Agreement as
of the date first above written.
Party of the FIRST PART:
Mrs. Leena Geevarghese
A-201, Kukreja Residency
WT Patil Marg,
Chembur – 400071
Party of the SECOND PART/ COUNSELLOR:
Mr. Navneet Aditya
________________
___________________
___________________
ADVOCATES:
Advocate Chandrakant Kola
Advocate Ambikaprasad Sonawane
