An arbitration petition under Section 34 of the Arbitration and Conciliation Act, 1996 was disposed of as the parties filed a joint Memorandum of Compromise resolving all disputes. The court recorded the compromise terms and dismissed the petition in terms thereof.
Petition disposed of in terms of the joint Memorandum of Compromise filed by the parties.
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IN THE HIGH COURT OF JUDICATURE AT MADRAS
Dated : 23.06.2017
Coram
The Honourable MR. JUSTICE Dr.ANITA SUMANTH
Original Petition No.795 of 2016
1.Ramesh Raja 2.Suresh Raja 3.Dinesh Raja
.. Petitioners
vs.
Sriram City Union Finance Limited rep. by its authorised representative, No.123, Angappan Naicken Street, Chennai 600 001.
.. Respondent
Petition filed under section 34 of the Arbitration and Conciliation Act, 1996, seeking to set aside the award dated 20.07.2016 in A.C.P.No.(EF/CMS) No.11 of 2016 passed by the arbitrator and consequently declare the claim of respondent as not maintainable and to pay costs.
For Petitioners : Mr.S.Ramachandran For Respondent : Mr.R.Umashankar
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O R D E R
Today when the matter is taken up for hearing, it is represented by both the learned counsel that the parties have entered into a Memorandum of Compromise and resolved the disputes between them.
Rs.8,15,000/-(Rupees Eight Lakhs Fifteen Thousand Only) on or before 29.08.2017, in the following manner and issued cheques to that effect to the respondent.
a) Rs.3,00,000/-(Rupees Three Lakhs Only) on 29.06.2017; by a Cheque dated 29.06.2017, bearing No.003826, drawn on State Bank of India, Gummudipoondi Branch;
b) Rs.3,00,000/-(Rupees Three Lakhs Only) on 29.07.2017; by a Cheque dated 29.07.2017, bearing No.003825, drawn on State Bank of India, Gummudipoondi Branch;
c) Rs.2,15,000/-(Rupees Two Lakh Fifteen Thousand Only) on 29.08.2017; by a Cheque dated 29.08.2017, bearing No.003827, drawn on State Bank of India, Gummudipoondi Branch;
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2.The petitioners and the respondent agree that on receipt of Rs.8,15,000/- (Rupees Eight Lakhs Fifteen Thousand Only), the entire claim against the petitioners under the Loan Agreement stands fully satisfied and there is no claim against each other in respect of the Loan Agreement bearing No:TONDATF1211300005; dated 30.11.2012, entered into by the petitioners with the respondent.
enabling them to get the Mortgaged Created infavour of respondent cancelled within a period of 10 working days.
installment as stated above, the concession shown by the respondent shall stands withdrawn ipso facto without any notice to the petitioners and thereby the respondent is entitled to
proceed with the execution of the award passed by the Arbitrator
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Dr.ANITA SUMANTH, J.,
smi
in accordance with law for the recovery of the entire amount due
under the award on the said date.
23.06.2017
smi
O.P.No.795 of 2016
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2 issues framed by the court
Whether an arbitration petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 is maintainable when the parties have settled their disputes.
Whether the joint Memorandum of Compromise filed by the parties should be recorded and the petition disposed of accordingly.
1 provisions across 1 enactments
Ramesh Raja
Suresh Raja
Dinesh Raja
Sriram City Union Finance Limited
Anita Samanth
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
