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IN THE HIGH COURT OF DELHI
C. Hari Shankar, J.
Indiabulls Investment Advisors Limited - Appellant
Versus
Prateek Realtors India Private Limited - Respondent
Arb.P. 326 of 2021 & I.A. 11183 of 2021
Decided On : 06-09-2021
Important Points
Subject
Arbitration - Settlement of Disputes
Headnote
(B) Jurisdiction of Court - The court found that since the matter was settled, nothing remained for adjudication. (Para 4)
| Table of Content |
|---|
| 1. settlement of dispute between parties. (Para 1 , 2) |
| 2. agreement to abide by settlement terms. (Para 3) |
| 3. disposal of petition in accordance with settlement. (Para 4 , 5) |
ORDER (Oral)
(Video-Conferencing)
ARB.P. 326/2021 &I.A. 11183/2021 (under Section 151 of CPC, 1908-permission to place settlement on record)
1. The dispute between the parties stands settled. The Memorandum of Settlement has been placed on record along with IA 11183/2021.
2. Learned Counsel for the petitioner and Respondent No. 1 are present. Mr. Singh, learned Counsel for the petitioner, submits that Respondent No. 2 is aproforma party. There has been no appearance on behalf of Respondent No. 2 from the first date of hearing.
3. Learned Counsel for the parties agree to abide by the terms of the settlement between them.
4. As such, nothing survives for adjudication in this petition, which is accordingly disposed of, in accordance with the settlement agreement between the parties, by which both parties shall remain bound.
5. The petition stands disposed of accordingly.
