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IN THE HIGH COURT OF DELHI
Sanjeev Sachdeva, J.
Parveen Kumar - Appellant
Versus
Poonam Securities Pvt. Ltd. - Respondent
FAO 20 of 2020, CM Appl. 1180 of 2020, CM Appl. 1182 of 2020 and CM Appl. 26555 of 2020
Decided On : 01-03-2021
| Table of Content |
|---|
| 1. appellant challenged prior court order regarding vehicle possession. (Para 1) |
| 2. appellant disputed notice and loan transaction; settled disputes. (Para 2 , 3) |
| 3. respondents confirm settlement and return of vehicle. (Para 4 , 5) |
| 4. record taken of the parties' agreement and resolution. (Para 6) |
| 5. appeal allowed; order set aside based on settlement. (Para 7 , 8) |
JUDGMENT
Sanjeev Sachdeva, J. (Oral)--Appellant impugns order dated 15.07.2019 whereby on a petition filed under Section 9 of the Arbitration and Conciliation Act, 1996, a receiver was appointed to take possession of the vehicle of the appellant i.e. TVS King Autorickshaw, bearing registration no. DL-1RQ-5078, Engine No. 4193551, Chassis No. 25458.
2. It was contended by the appellant that no notice was served on the appellant prior to passing of the impugned order. He further had disputed the loan transaction.
3. Subsequently, parties have settled their disputes. Appellant has paid a sum of Rs.1,20,000/- to the respondent in full and final settlement towards discharge of the loan taken from the respondents.
4. Learned counsel appearing for the respondents submits that the claims have been settled and now there is no claim left against the appellant or the subject vehicle and all dues of the respondents have been fully and finally settled. He submits that No-objection Certificate towards discharge of the loan has also been issued to the appellant.
5. Learned counsel for the respondents also submits that in view of the discharge of the loan, subject vehicle has already been returned to the appellant.
6. The statement is taken on record.
7. In view of the above, the impugned order dated 15.07.2019 is set aside. The appeal is allowed and disposed of in terms of above referred settlement.
8. Copy of the Order be uploaded on the High Court website and be also forwarded to learned counsels through email by the Court Master.
Appointment of a receiver under arbitration law requires prior notice; subsequent settlement of disputes negates the need for such measures.
A settlement reached between parties renders an arbitral award satisfied, making any appeals regarding the matter infructuous.
The court emphasizes the enforcement of arbitration awards under Section 9 of the Arbitration and Conciliation Act, allowing the appointment of a receiver to aid recovery.
The court recognized and gave effect to the full and final settlement between the parties, leading to the satisfaction of the arbitral award and disposal of the appeal.
The court has the authority to appoint a receiver under Section 9 of the Arbitration and Conciliation Act, 1996, when an award remains unpaid.
A court can appoint a receiver under Section 9 of the Arbitration and Conciliation Act to safeguard an awardee's interests when there is a risk of asset concealment.
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