Shapoorji Pallonji And Company ... vs Edel Land Ltd
2022 Latest Caselaw 1495 Bom

Prajakta Vartak                                  1             3-comex 39-21 grp.doc

                     IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                           ORDINARY ORIGINAL CIVIL JURISDICTION
                                IN ITS COMMERCIAL DIVISION
                      COMMERCIAL ARBITRATION PETITION NO. 455 OF 2021
           Edel Land Ltd.                              ..Petitioner
                 V/s.
           Shapoorji Pallonji & Company Pvt. Ltd.      ..Respondent
                                           AND
                           INTERIM APPLICATION NO. 1763 OF 2021
                                            IN
                      COMMERCIAL ARBITRATION PETITION NO. 455 OF 2021
           Edel Land Ltd.                              ..Applicant/Petitioner
                 V/s.
           Shapoorji Pallonji & Company Pvt. Ltd.      ..Respondent
                                          AND
                      COMMERCIAL EXECUTION APPLICATION NO.39 OF 2021
                                           IN
                            AWARD DATED 17th DECEMBER 2020
           Shapoorji Pallonji & Company Ltd.           ..Applicant/Decree Holder
                 V/s.
           Edel Land Ltd.                              ..Respondent/Judgment Debtor
                                              -----
           Mr. Prabhakar Jadhav i/b. Dua Associates AOR for Applicant in COMEX
           Application No.39/21 and for respondent in CARBP No.455/21.
           Mr. Anuj Desai with Ms. Nirali Shah i/b. Dua Associates for Petitioner in
           CARBP No.455/21 and for Respondent in COMEX Application No.39/21.
                                              -----
                                              CORAM : G.S.KULKARNI, J.

                                              DATE :      FEBRUARY 14, 2022
           P.C.:

1. Commercial Arbitration Petition No.455 of 2021 is filed under Section 34 of the Arbitration and Conciliation Act, 1996 assailing the arbitral award dated 17 December, 2020. The other proceeding is an execution proceeding (Commercial Execution Application No.39 of 2021), filed by the award creditor to execute the arbitral award.

Prajakta Vartak 2 3-comex 39-21 grp.doc

2. Learned counsel for the parties have tendered Consent Terms in both the said proceedings which are identical, praying that these proceedings be disposed of in terms of the consent terms. The consent terms record that the petitioner-Edel Land Ltd. has made payment in the sum of Rs.2,25,00,000/- (Rs. Two Crores Twenty Five Lakhs only) less TDS amount at the rate of 2% amounting to Rs.4,50,000/- and the net amount of Rs.2,20,50,000/- is paid to the respondent-award creditor-Shapoorji Pallonji & Company Pvt. Ltd. in full and final settlement of its claim under the arbitral award in question. The consent terms also record that the respondent has accepted the said amount in full and final settlement. The parties record that neither party shall have any claim against each other under the award in question and that the award is fully satisfied.

3. The consent terms are signed by the authorized signatories on behalf of the petitioner as also on behalf of the respondent. The consent terms are also signed by the advocates for the parties. There is no dispute on the signatures as made on the consent terms. Accordingly, the consent terms in both the proceedings are taken on record and marked "X" and "X-1" for identification.

4. Commercial Arbitration Petition No.455 of 2021 and Commercial Execution Application No.39 of 2021 accordingly stand disposed of in terms of the consent terms. No costs.

5. In view of disposal of Commercial Arbitration Petition No.455 of 2021, interim application no. 1763 of 2021 would not survive. It is accordingly disposed of.

(G. S. Kulkarni, J.)

Digitally signed by PRAJAKTA PRAJAKTA SAGAR SAGAR VARTAK 2/2 VARTAK Date:

2022.02.14 20:37:43 +0530