Litigation Background
The disclosure concerns an application filed by LRS Service Private Limited before the Commercial Court of Kasna, Gautam Budh Nagar, Uttar Pradesh under Section 9 of the Arbitration and Conciliation Act, 1996.
Recent Development
The matter has been amicably settled between Dev Accelerator Limited and LRS Services Private Limited through a Settlement Deed executed on June 04, 2026. The Settlement Deed was placed before Commercial Court No. 1, Gautam Buddha Nagar. LRS's counsel stated that the petition would not be pressed, resulting in the petition being disposed of based on non-pressing and settlement.
Settlement Terms and Financial Adjustments
The key consent terms of the settlement are:
- LRS agreed to allow adjustment of its security deposit of ₹12,13,000 (Twelve Lakh Thirteen Thousand Rupees) against partial rent for the period October to December 2024.
- Based on mutually agreed evaluation of LRS's inventories/valuables as per emails dated June 03, 2026, Dev Accelerator Limited has waived its claim of ₹17,50,000 (Seventeen Lakh Fifty Thousand Rupees) payable by LRS under the earlier Settlement Deed dated August 30, 2025.
- Dev Accelerator Limited has waived all claims towards rent for the remaining lock-in period and other related charges.
- Both parties have agreed that all claims arising out of the Sub-Lease and its variations stand fully and finally settled and adjusted against each other.
- Neither party shall have any further claim against the other in relation to the tenancy or related transactions.
Financial Impact
- The Company has neither paid any penalty nor received any compensation as part of this settlement.
- The impact on the financial position is limited to the waiver of revenue bills previously raised on LRS.