Withdrawal of suit by compromise

Harsh Agrawal (Querist) 17 February 2016 This query is : Resolved
Facts - Authority X levies charge on Party Y.
- Ld Single Judge (in Appeal by Y) strikes it down by holding that it has no power of levying the said charge.
-Both the Parties files Appeals before Division Bench; matter pending
- Parties reach a compromise wherein Party X can levy the charge but it is reduced as per wishes of Party Y;
and both wish to withdraw their respective appeals.

Proposition - Can Party X & Y withdraw their Appeals based on a compromise, in light of the fact that Ld Single Judge struck down / set-aside the power of levy itself.

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