Disposed

Ircon International Limited v. M and Co. Engineers & Contractors Pvt. Ltd. (M and Co. in Short)

Delhi HC22 Jan 2024O.M.P. (COMM)/290/2018

Case brief

AI extract

What is this about?

Single judge order dismissing petitions challenging three arbitral awards after respondents confirmed settlement entry under the Vivad Se Vishwas II Scheme. Court released deposited bank guarantees and cancelled future dates.

What did the court decide?

Petitions and pending applications disposed of; bank guarantees deposited by the respondent released.

Ircon International Limited Vs M and Co. Engineers & Contractors… — Arbitration | Delhi HC (2024)

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$~55 to 57

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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O.M.P. (COMM) 290/2018 & I.A. 1545/2024

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IRCON INTERNATIONAL LIMITED ..... Petitioner Through: Ms. Leena Tuteja, Adv. (M. 9810049061)

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versus

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M AND CO ENGINEERS & CONTRACTORS

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PVT. LTD. (M AND CO IN SHORT) ..... Respondent Through: Ms. Renu Gupta and Ms. Pratiksha Jalan, Adv. (M. 99588 44108)

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56 WITH + O.M.P. (COMM) 291/2018 & I.A. 1515/2024

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IRCON INTERNATIONAL LIMITED ..... Petitioner Through: Ms. Leena Tuteja, Adv.

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versus M AND CO. ENGINEERS & CONTRACTORS

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PVT. LTD. (JV) (M AND CO(JV) IN SHORT) ..... Respondent Through: Ms. Renu Gupta and Ms. Pratiksha Jalan, Adv. (M. 99588 44108)

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57 AND + O.M.P. (COMM) 293/2018 & I.A. 1499/2024

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IRCON INTERNATIONAL LIMITED ..... Petitioner Through: Ms. Leena Tuteja, Adv.

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versus

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M AND CO ENGINEERS & CONTRACTORS

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PVT. LTD. (M AND CO IN SHORT) ..... Respondent Through: Ms. Renu Gupta and Ms. Pratiksha Jalan, Adv. (M. 99588 44108)

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CORAM: JUSTICE PRATHIBA M. SINGH O R D E R

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% 22.01.2024

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This hearing has been done through hybrid mode.

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O.M.P. (COMM) 290/2018 & connected matters

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Page 1 of 3

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This is a digitally signed order.

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The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 06/06/2024 at 15:12:00

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These are three petitions filed under Section 34 of the Arbitration and Conciliation Act, 1996, challenging the final impugned award dated 28th February, 2018, passed by the Arbitral Tribunal. By the impugned award, a sum of Rs. 2,36,88,470/-; Rs. 6,45,54,926 and Rs. 5,01,39,432/- was awarded in favour of the Respondent-claimant in all the three petitions respectively.

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In the present petition, on 13th July, 2018, it was directed that on deposit of 50 % of the awarded amount, there would be stay of the operation of the award. Vide order dated 7^th December, 2018 the amount which was deposited was directed to be released to the Respondent subject to the Respondent furnishing a bank guarantee for an equivalent sum.

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Today, applications have been filed informing the Court that the matters have been resolved through the Vivad Se Vishwas II — (Contractual Disputes) Scheme, dated 29 May 2023 (hereinafter referred as “Vivad Se Vishwas Scheme ”), which was launched by the Government and thus it is prayed that the objections itself be disposed off and bank guarantee be released.

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The Court has perused the emails dated 23^rd December, 2023 and 11th January, 2024, where it is confirmed that the settlement agreement has been recorded in respect of all the three arbitration awards, bearing no.SPSJ/ARB/J&K/m&CO/2010/BR-4, SPSJ/ARB/J&K/M&Co/2010/BR 15 and No.SPSJ/ARB/J&K/M&Co/2010/BR-16.

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Respondent also confirms that the settlement has been entered into as per the Scheme. In view thereof, the present petitions are disposed of in terms of the said settlement.

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O.M.P. (COMM) 290/2018 & connected matters

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Page 2 of 3

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This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 06/06/2024 at 15:12:00

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The Court has seen the electronic copy of the agreement dated 15^th January, 2024. In view of the settlement entered into, the present petitions are disposed of. All pending applications are also disposed of.

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Let the bank guarantees deposited by the Respondent be released to the Respondent.

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The next dates before Court shall stand cancelled.

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PRATHIBA M. SINGH, J.

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JANUARY 22, 2024 mr/ks

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O.M.P. (COMM) 290/2018 & connected matters

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Page 3 of 3

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This is a digitally signed order.

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The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 06/06/2024 at 15:12:00

Ircon International Limited v. M and Co. Engineers & Contractors Pvt. Ltd. (M and Co. in Short)

Case brief

What is this about?

What did the court decide?

Ircon International Limited v. M and Co. Engineers & Contractors Pvt. Ltd. (M and Co. in Short)

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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