The court disposed of an arbitration petition where the parties had reached a settlement. The respondent agreed to pay the petitioner Rs. 10,39,500 in 15 instalments, binding the court to the settlement terms and closing the matter.
Petition disposed of based on settlement; mediation proceedings deemed closed.
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AJAY JHAWAR ..... Petitioner Through: Mr.Sanjay Goel and Mr.B.L.Sharma, Advs. alongwith petitioner in person.
versus
INTERNATIONAL RECREATION PARKS (P) LIMITED
..... Respondent Through: Mr.Manaish Sharma and Mr.Ninad Dogra, Advs.
CORAM: HON'BLE MR. JUSTICE NAVIN CHAWLA O R D E R
% 04.12.2018
The parties have entered into a settlement whereby the respondent has undertaken to pay a sum of Rs.10,39,500/- to the petitioner in full and final settlement of all claims of the petitioner in 15 monthly instalments with first instalment being made by the respondent company on 15.12.2018 and thereafter all subsequent instalments to be paid on 28th day of the subsequent month(s) by Real Time Gross Settlement (RTGS) payment mechanism.
Binding the parties to the terms of the settlement and accepting the undertaking of the respondent to be bound by the same, the present petition is disposed of in terms of the settlement arrived at between the parties.
The parties were to appear before the Delhi High Court Mediation and Conciliation Centre on 06.12.2018, however, as they have already arrived at a settlement, they need not appear in those proceedings any further and the
same shall be deemed to have been successfully closed.
Dasti.
NAVIN CHAWLA, J
DECEMBER 04, 2018/Arya
Ajay Jhawar
International Recreation Parks (P) Limited
Navin Chawla
As recorded by the court registry
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