No, it will not amount to contempt of Court, as out of court
settlement will generally arrived between the parties and upon
a petition filed the parties the court will pass an order stating that
as per the MUTUALLY AGREED terms the parties are withdrawing their
case/claim. Here no where the court directs either party to do or not
to do any thing as per the terms of settlement. In plain words the
court will only show the agreement as a clause to close the case.
The only option is to file a case under negotiable instruments act.
as well as a civil suit for recovery of amounts