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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
| 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) |
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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.
The court recognized the binding nature of the settlement agreement between the parties and dismissed the petition as the dispute was resolved.
Settlement agreements can effectively dispose of a petition when agreed upon by both parties and appropriately recorded.
A suit can be decreed based on a mutual settlement between the parties, rendering further adjudication unnecessary.
A settlement reached through mediation effectively resolves the dispute, leading to the dismissal of the suit.
Court allows settlement between parties under Code of Civil Procedure, confirming binding terms of the Settlement Agreement and disposing of the suit as nothing remains for adjudication.
Mediation is effective in resolving disputes, and once a settlement is achieved, no further adjudication is warranted.
Parties can voluntarily arrive at a settlement even if they are not parties to the civil suit, and a valid Settlement Agreement will be binding on the parties.
A settlement agreement entered by parties is legally binding, and when presented in court, the matter is resolved with a decree reflecting the agreement.
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