LAGAN KALA UPVAN Vs. BADHWAR UNIVERSAL CONTRACTORS

JUDGEMENT

(1.) This is an application jointly filed on behalf of the parties under Order 23 Rule 3 read with Section 151 of the Code of Civil Procedure, 1908. The petitioner had challenged the award dated 27.06.2000 by way of OMP 196/2000 which was filed under Section 34 of the Arbitration and Conciliation Act, 1996. During the pendency of the said OMP, the parties have amicably settled all their disputes and differences. The broad terms of the settlement are that the petitioner society will pay an amount of Rs.45 lakhs including interest as full and final payment towards the satisfaction of the award dated 27.06.2000. The said amount of Rs.45 lakhs shall be paid after deduction of TDS to the respondent by means of three cheques details of which are given in paragraph 1-A of the application. The said cheques have been handed over by the learned counsel for the petitioner to the learned counsel for the respondent.

(2.) The learned counsel for the respondent submits that, in addition to the terms set out in the application, it should also be made a condition that, in case, the cheques which are handed over today are for some reason not honoured and payment in respect thereof is not made then the entire amount under the award would become due and payable. This has been agreed to by the learned counsel for the petitioner who states that they stand by the cheques which have been handed over and they shall honour the same. This application which sets out in detail the other terms of the settlement is in writing and has been signed on behalf of the respondent by Mr. J.K. Badhwar, Director of the respondent company and on behalf of the petitioner by Mr. G.C. Lagan, President of the petitioner society. The application is also signed by the respective counsel for the parties. It is also supported by the affidavits of the said Mr. G.C. Lagan and Mr. J.K. Badhwar.

(3.) I have examined the terms of the settlement and I find that the same are lawful. Accordingly, the compromise arrived at between the parties is recorded. The entire amount of the award in terms of the settlement as mentioned above comes to Rs.45 lakhs which also stands satisfied. There are now no claims left between the parties. This application as well as the OMP stand disposed of.