Summary
After recording payment of Rs 600 crore towards interest and full satisfaction of the settlement agreements, the Supreme Court quashed the specified criminal, enforcement and related proceedings. It also recorded STC’s undertaking not to pursue winding-up proceedings in the Isle of Man.
Issues
- What consequential orders should follow admitted full satisfaction of the settlement agreements.
Provisions considered
- Articles 136 and 142, Constitution of IndiaThe Court exercised these powers to terminate the specified agreement-related proceedings following payment and confirmation that STC had no further claim. (¶ 1–2)
Held
- The parties reported payment of the interest amount and full discharge of liabilities under both settlement agreements. On that basis the Court quashed the identified CBI FIR, ED ECIR, consular show-cause notice, agreement-related lookout notices against the named family and eleven pending IPC complaints. (¶ 1–2)
- STC’s statement that it would not prosecute the Isle of Man winding-up proceedings against GSHIL was taken on record. (¶ 3)
Result
MA 320 of 2019 disposed of; specified proceedings quashed and non-prosecution statement regarding winding-up recorded. No order as to costs.