VED PARKASH Vs. RAM NARAIN GOYAL

JUDGEMENT

(1.) This order will dispose of E.A. 32 of 1976 which has been filed by way of objections under Section 47 of the Code of Civil Procedure against the judgment and decree of this Court dated 25th August, 1975 for being declared a nullity and inexecutable on behalf of judgment-debtors Nos. 2, 3. 4 and 5.

(2.) It appears that a tripartite agreement described as memorandum of settlement was entered into between the parties, M/s. Madhosons Stores & Services (P) Ltd. (hereinafter referred to as "the Company"), M/s. R. S. Madhoram & Sons (NB), (hereafter referred to as "the firm") and the 13 employees of the Firm (hereinafter referred to as "the decree-holders"). The settlement is dated 24th day of May, 1974.

(3.) The terms of the aforesaid settlement provided that the firm and the Company agreed to pay to all the decree-holders an amount shown against each in column Nos. 1 to 13 of Annexure 'A' to the Settlement, in full and final settlement of their accounts upto March 31, 1974. The Settlement also provided that the agreed amount would be paid in instalments. Though the Settlement recited that it will be a binding Settlement under the Industrial Disputes Act yet it is common case of the parties that the Settlement was not arrived at in accordance with the provisions of the Industrial Disputes Act. The Settlement also provided that the parties had agreed that in case of any dispute regarding payment, non-payment, fixation of liability in case of default or any other connected matter, such dispute shall be referred to the sole arbitration of Shri K. L. Bahal for arbitration and his award shall be binding and conclusive upon all the parties to this Settlement and a separate agreement of such Arbitration shall, if necessary, be executed by the respective parties under the Arbitration Act and the same shall be acted upon. The Settlement also contains endorsement by the Arbitrator accepting the appointment.