SETTLEMENT OF ARREARS AGREEMENT
Agreement date: 1 April 2026
Society: ABC Cooperative House Building Society Ltd, registration CHD/COOP/118, Sector 48, Chandigarh. Member: Aarav Sharma, member no. M-118, Flat 804, Sector 48, Chandigarh, unit Flat 804.
SETTLEMENT ACCOUNT
Principal admitted: ₹25,000 (Rupees Twenty Five Thousand only). Interest admitted: ₹25,000 (Rupees Twenty Five Thousand only). Conditional waiver: ₹25,000 (Rupees Twenty Five Thousand only). Settlement total: ₹25,000 (Rupees Twenty Five Thousand only).
PAYMENT SCHEDULE
Structure: Single payment. First payment: 2 April 2026. Final payment: 3 April 2026. Regular instalment: ₹25,000 (Rupees Twenty Five Thousand only). Schedule: X.
INTEREST AND DEFAULT
Interest treatment: Interest frozen while the schedule is kept. Details: X. Cure period: 25,000 days. Uncured default: Original admitted dues revive after crediting payments and lawful waivers lapse.
PROCEEDINGS AND FUTURE DUES
Pending case: X. Proceeding treatment: Proceeding stayed while settlement is performed. Future/current dues: X. Release after performance: Society confirms settlement of identified arrears period only.
RECORD PARTICULARS
Which jurisdiction applies? Punjab
What society/property record identifies the unit? Share Certificate SC-118
What committee/general-body resolution supports the action? Resolution 14 dated 01 September 2026
SETTLEMENT ACCOUNTING
Every payment under the settlement should carry the settlement reference and be credited on its actual date. The society should maintain a running statement showing the original admitted amount, payments, any conditional concession and the unpaid balance.
CONCESSION FINALITY
A waiver that is conditional on complete performance becomes final only when the stated condition is satisfied. If the schedule fails, the fallback should credit every payment already made and revive only the lawful unpaid balance described by the agreement, not an invented penalty.
LEGAL BASIS
Punjab: The Punjab Co-operative Societies Act, 1961 governs this settlement of arrears agreement. Section 55 provides the Registrar reference route for qualifying disputes touching the constitution, management or business of the society. The first society action is taken by the managing committee or general body under the registered bye-laws; the Registrar of Cooperative Societies, Punjab receives a statutory reference when section 55 applies. There is no statutory appeal from the private settlement itself; any challenge or enforcement proceeds through the applicable pending statutory forum or contractual remedy.
Chandigarh: The Punjab Co-operative Societies Act, 1961 and Punjab Co-operative Societies Rules, 1963 apply to cooperative societies in UT Chandigarh. Section 55 provides the equivalent Registrar dispute route, administered locally by the Registrar of Cooperative Societies, UT Chandigarh. The current filing fee and period for the precise section 55 filing in this document were not confirmed from the sources used. There is no statutory appeal from the private settlement itself; any challenge or enforcement proceeds through the applicable pending statutory forum or contractual remedy.