Recently, a single Judge Bench from the Delhi High Court, in the case of Anuradha SA Investments LLC – Anr. v Parsvnath Developers Limited – Ors.4 also examined the concept of a transaction agreement as part of an arbitration award. The Court had the opportunity to consider the enforcement of a settlement agreement as an arbitral award. The respondents had challenged the continuation of the petition on the grounds that the transaction agreement was not an agreement under Section 73 of the Act or the conciliation procedure under Part III of the Act. In addition, they have not received a certified copy of the transaction agreement and this agreement is not sufficiently stamped. “If, in the event of a dispute arising from this treaty or related to this treaty, the parties wish to settle this dispute amicably through mediation, the mediation is in effect in accordance with the conciliation rules of the Society of Maritime Arbitrators, Inc. of New York. 2. If the parties reach an agreement on a settlement of the dispute, they can develop and sign a settlement agreement in writing.
At the request of the parties, the conciliator can develop the transaction agreement or assist the parties in developing it. 3. When the parties sign the transaction agreement, it is final and binding on the parties or persons who benefit from it. Each party may, at its first or at the invitation of the conciliator, submit to the conciliator to settle the dispute. In addition, in Mysore Cements Limited v. Svedela Barmac Ltd3. was followed by the Apex Court and reiterated its view in the Haresh Dayaram Thakur (supra) case, the settlement agreement is reached in accordance with Article 73, which meets the requirements set out in it, and it obtains the status and effect of an arbitration award under the terms agreed in the case of the case of the division 30 arbitration of the law. When a transaction agreement is entered into pursuant to section 73, which meets the requirements set out in it, it obtains the status and effect of an arbitral award issued by the Arbitration Tribunal under Section 30 of the Act.