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IN THE HIGH COURT OF DELHI
Suresh Kumar Kait, J.
Jaldhi Overseas Pte Ltd. - Appellant
Versus
Steel Authority of India Ltd. - Respondent
OMP (ENF.) (COMM.) 49 of 2021 & EX.Appl. (OS) 283-84 of 2021, OMP (ENF.) (COMM.) 51 of 2021 & EX.Appl. (OS) 291-92 of 2021, OMP (ENF.) (COMM.) 97 of 2021 & EX.Appl. (OS) 640-41 of 2021 and OMP (ENF.) (COMM.) 98 of 2021 & EX.Appl. (OS) 643-44 of 2021
Decided On : 05-01-2022
| Table of Content |
|---|
| 1. execution of arbitral awards under applicable laws (Para 1) |
| 2. status of payments and mediation efforts (Para 2 , 3) |
| 3. court's resolution and mediation report directive (Para 4 , 5 , 6) |
The hearing has been conducted through video conferencing.
OMP (ENF.) (COMM.) 49/2021
OMP (ENF.) (COMM.) 51/2021
OMP (ENF.) (COMM.) 97/2021
OMP (ENF.) (COMM.) 98/2021
1. The present petitions have been filed by decree holder under Section 36 of Arbitration and Conciliation Act, 1996 r/w Order XXI Rue 10 and Section 151 of Code of Civil Procedure seeking execution of Awards dated 02.11.2020 and 22.02.2021.
2. On 24.09.2021, learned counsel for judgment debtor had pointed out that the arbitral Award in question has already been satisfied and only a fraction of difference is required to be met out with decree holder and accordingly, at request of learned counsel for parties, the present enforcement petitions were referred to Delhi High Court Mediation & Conciliation Centre for amicable resolution of left-over disputes.
3. Today, during the course of hearing, learned counsel for judgment debtor submits that the total decretal amount has been paid in favour of decree holder and the said fact is not disputed by learned counsel appearing on behalf of decree holder.
4. In view of above, nothing remains in the present petitions and the same are accordingly disposed of.
5. Pending applications are also disposed of.
6. The Incharge, Delhi High Court Mediation and Conciliation Centre is directed to place the report of mediation on record.
Once the decretal amount of an arbitral award is satisfied, there is no further matter for adjudication in enforcement petitions.
The court recognizes and upholds the mutual settlement reached between parties regarding the execution of an arbitral award, directing compliance within a specified timeframe.
The court affirmed that parties may resolve their disputes amicably, and once a settlement is reached, they are bound by its terms.
The court reinforced that settled disputes through a Settlement Agreement should be honored and enforced to prevent ongoing litigation.
The settlement agreement reached between the parties was found to be binding, and the court decreed the suit in terms of the agreement.
Mediation agreements that are mutually settled by parties are valid and enforceable under the law, emphasizing the importance of upholding such agreements in legal disputes.
The validity and lawfulness of a Settlement Agreement in the context of executing a decree.
Execution of an arbitral award requires compliance with the 90-day limitation under Section 34; execution petitions filed before this period are impermissible.
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