Stenovate Synergies and Exports Private Limited & Anr. v. Falcon Synergies Hong Kong Limited & Anr.; BRG Tie Up Private Limited v. Falcon Synergies Hong Kong Limited & Anr.

1. 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 O.M.P. (COMM) 117-2021 & 213-2021 3 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.

SANJEEV SACHDEVA, J APRIL 19, 2022