ALOK SARAF Vs. SHYAM SUNDAR NANGALIA

JUDGEMENT

(1.) The petitioners have filed this application for execution of a memorandum of settlement dated September 10, 2024, as an award, following the mediation and conciliation commenced by the parties in terms of a mediation agreement dated August 2, 2023. The petitioners constitute the ASA Group, while the respondent numbers 1 to 7 constitute the EPI Group. According to the petitioners, the respondent No. 8 was substantially owned and managed by the ASA Group. However, the control of the same, had shifted to the EPI Group before the commencement of the mediation and conciliation proceedings.

(2.) According to Mr. Jishnu Saha, learned senior advocate for the petitioner, the proceedings were in the nature of conciliation/mediation, and the same resulted in the signing of a settlement agreement by the parties. The mediator, also signed the same. The settlement had the force of an arbitral award and should be enforced by this Court as the executing Court.

(3.) The facts and background of the case as narrated by the petitioners were that money had been advanced and accommodation loans had been given by the EPI Group to the ASA Group. As the ASA Group failed to repay such sums within the agreed time frame, an agreement was entered into by and between the parties. Such agreement was recorded as minutes of a meeting between Alok Saraf (petitioner number 1), and Mr. Bijay Agarwal (Chief Executive Officer of the respondent number 3), which was held on 15/11/2015.