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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
| 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.
The court upheld the validity of a Settlement Agreement that modified an arbitration award and waived claims for interest and costs.
Point of law: Parties shall duly perform their respective obligations under settlement agreement.
The court emphasizes the necessity of arbitration for settling disputes between parties, facilitating fair adjudication and respecting the process under the Arbitration and Conciliation Act, 1996.
The court's decision emphasized the importance of adjudicating certain matters through arbitration and the inapplicability of certain contentions for the arbitral proceedings.
An arbitral award can be set aside if the arbitrator was appointed in contravention of the contractual terms.
A fresh reference to an Arbitral Tribunal is warranted when a prior arbitration award is set aside under Section 34 of the Arbitration and Conciliation Act, ensuring continuity in resolving contract-....
Court affirmed the validity of arbitration clauses for dispute resolution when parties agree, even after unsuccessful negotiations.
The court's decision was influenced by the existence of identical arbitration clauses in multiple agreements and the clear intention of the parties to settle disputes through arbitration.
The court affirmed that parties may resolve their disputes amicably, and once a settlement is reached, they are bound by its terms.
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