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DELHI HIGH COURT
SANJEEV SACHDEVA
Parveen Kumar – Appellant
Versus
Poonam Securities Pvt. Ltd. – Respondent
| 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 n
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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