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IN THE HIGH COURT OF DELHI
Sanjeev Sachdeva, J.
Stenovate Synergies and Exports Private Limited - Appellant
Versus
Falcon Synergies Hong Kong Limited - Respondent
O.M.P. (COMM) 117 of 2021, I.A. 3853 of 2021 & I.A. 3854 of 2021 and O.M.P. (COMM) 213 of 2021 & I.A. 9312 of 2021
Decided On : 19-04-2022
Important Points
Subject
Arbitration - Arbitration Agreement and Settlement
Headnote
(B) Parties' obligations - The companies involved in the dispute agree to abide by the terms of the Settlement Agreement. (Paras 4-7)
Facts of the case:
Petitioners challenged the arbitration award through petitions under Section 34 of the Act. A mediation resulted in a Settlement Agreement between the parties, altering the prior award.
Findings of Court:
The court finds the terms of the Settlement Agreement lawful and accepts the parties' undertakings.
Issues: The primary issue was whether the terms of the Settlement Agreement, which modified the original award, were lawful and binding.
Ratio Decidendi: The court concluded that the parties' agreement to modify the arbitration award was valid and the terms acceptable, thereby disposing of the petitions accordingly.
Result: Petitions disposed of in terms of the Settlement Agreement.
| Table of Content |
|---|
| 1. parties entered mediation and executed a settlement agreement. (Para 1 , 2 , 3 , 4 , 5) |
| 2. court finds settlement agreement lawful. (Para 6) |
| 3. court disposes of petitions in accordance with settlement agreement. (Para 7) |
JUDGMENT
Sanjeev Sachdeva, J. Petitioners impugn award dated 02.12.2019 by way of these petitions under Section 34 of Arbitration and Conciliation Act 1996.
2. Petitioners and respondents were referred to mediation and a Settlement Agreement dated 22.03.2022 has been executed between the parties.
3. Petitioners are represented by Mr. Hemant Kumar Rathi and the respondents are represented by Mr. Anil Kumar. Both the authorised representatives are also connected through V.C.
4. In terms of the Settlement Agreement, parties have agreed to modify the award to a limited extent and the claim of interest and the cost is being waived by respondents.
5. The authorised representatives of the petitioners and respondents submit that they are authorised on behalf of the respective companies to undertake that the companies shall abide by the terms and conditions of the Settlement Agreement.
6. I have perused the terms and conditions of the Settlement Agreement and find the same to be lawful. The undertakings given to the court are accepted.
7. Petitions are accordingly disposed of in terms of the Settlement Agreement dated 22.03.2022. Parties shall remain bound by the terms and conditions of the same and perform their respective obligations as agreed in the Settlement Agreement dated 22.03.2022.
