ROGER ENTERPRISES PVT. LTD. Vs. KUMAR OXYGEN LTD.

JUDGEMENT

(1.) THIS order will dispose of objections under Section 47, CPC filed by the judgment debtor in the execution taken out by the decree holder for realisation of the balance decretal amount.

(2.) THE undisputed facts are that disputes/differences arose between the parties in relation to lease agreement dated 10.10.1988 and Mr. P.S. Khera, Advocate, Supreme Court was appointed as a sole Arbitrator to settle the disputes/differences. The sole Arbitrator entered upon the reference, made and published his Award dated 27.12.1999 awarding a sum of Rs. 30,33,398 with interest @ 18% p.a. and Rs. 50,000 as cost of the Arbitration proceedings in favor of the decree holder and against the judgment debtor. The said Award was challenged by the judgment debtor by filing an application under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'the Act'). However, after filing of the said application/objections, the parties reached a settlement which were reduced into writing vide a document titled as 'Declaration Undertaking' on 09.08.2000 whereby the judgment debtor agreed to pay Rs. 16 lacs towards full and final settlement of the claim of the decree holder in 9 Installments commencing from 09.08.2000 as per the time schedule prescribed under the said 'Declaration Undertaking'. It is not disputed that the amount of Rs. 16 lacs was in fact paid by the judgment debtor to the decree holder by 05.04.2001, however, there was delay in the payment of certain intervening Installments. On 01.08.2001 the application/objection of the judgment debtor under Section 34 of the Act were disposed of as not maintainable and infructuous in view of the settlement reached between the parties and entire agreed amount of Rs. 16 lacs having been paid by the judgment debtor to the decree holder before that date. The said order wasnot challenged by any of the parties and became final.

(3.) I have heard Mr. S.P. Kalra learned senior counsel representing the decree holder and Mr. Anil Seth learned counsel representing the judgment debtor and have given my thoughtful consideration to their respective submissions.