Delhi High Court
Weatherford Oil Tool Middle East ... vs Vedanta Limited & Anr. on 8 May, 2020
$-1 & 2 (Original Side)
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Judgment delivered on: 8th May, 2020
+ OMP (I) (COMM.) 95/2020
WEATHERFORD OIL TOOL
MIDDLE EAST LTD. ..... Petitioner
versus
VEDANTA LIMITED & ANR. ......Respondents
+ OMP (I) (COMM.) 96/2020
WEATHERFORD OIL TOOL
MIDDLE EAST LTD. ..... Petitioner
versus
VEDANTA LIMITED & ANR. ......Respondents
Advocates who appeared in this case:
For the Petitioners: Mr. Amar Gupta and Mr. Divyam Agarwal, Advocates
with Mr. Kaushik Roy and Mr. Vipul Dhingra, Authorized
Representatives of the Petitioner
For the Respondent: Mr. Sahiwal Srivastava, Advocate with Ms. Pooja Yadav
and Mr. Rahul Bhattacharya, Authorized Representatives of
Respondent No. 1
CORAM:-
HON'BLE MR JUSTICE SANJEEV SACHDEVA
JUDGMENT
SANJEEV SACHDEVA, J.
1. The hearing was conducted through video conferencing.
2. Petitioner, by the present petition, under Section 9 of the
Arbitration & Conciliation Act, 1996 (hereinafter referred to as the
"Arbitration Act"), inter alia seeks a restraint on the respondent from
invoking and encashing the performance bank guarantees issued by
respondent no. 2 on behalf of the petitioner and further seeks a
direction to respondent no. 1 to release the payments due to the
petitioner under the relevant contracts.
3. It is submitted that the respondent no. 2 is a Performa party.
4. Several contracts have been executed between petitioner and
respondent no. 1 for provision of services, personnel and equipment.
The contracts were executed as part of a composite transaction for the
performance of services between petitioner and respondent no. 1 and
are subject to and governed by Master Services Agreement and
Master Supply Agreement.
5. Apprehending invocation of the bank guarantees on behalf of
the respondent, petitioner filed the present petition under Section 9 of
the Arbitration Act seeking a restraint on the respondent from
invoking the performance of bank guarantees executed under the
various contracts. Petitioner also prayed for release of its payments.
6. Petitioner and Respondent No. 1 have settled their disputes and
a Settlement Agreement dated 03.05.2020 has been executed between
the parties. A password protected digital copy of the agreement has
been shown during the hearing for the perusal of the court.
7. Learned counsel for the parties submit that, in view of the
confidentiality agreement between the parties, they do not want the
terms and conditions of the agreement to be reproduced in the order.
8. Learned counsel for the parties under instructions from the
respective authorized representatives undertake on behalf of the
parties that the parties shall duly perform their respective obligations
under the agreement.
9. The respective undertakings are accepted.
10. Learned Counsel further submit that time is of essence of the
settlement agreement and the respective obligations shall be strictly
performed as per the time lines mentioned in the agreement.
11. Petitioner shall file a duly attested copy of the agreement dated
03.05.2020 in a sealed cover with the Registry within one week of the
lifting of the Lock-down.
12. The settlement agreement shall form part of record but shall be
kept in a sealed cover. The sealed cover shall be opened only in the
presence of the concerned Deputy Registrar.
13. Registry shall not provide a copy of the settlement agreement to
any third party even after disposal of the petition.
14. In view of the above, learned counsel for the parties, under
instructions from their authorized representatives, pray that the
petitions be disposed of in terms of the settlement agreement dated
03.05.2020.
15. Accordingly, the petitions are disposed of in terms of the
settlement agreement dated 03.05.2020. Parties shall remain bound
by the terms and conditions of the settlement agreement dated
03.05.2020.
16. Copy of the order be uploaded on the High Court website and
be also forwarded to learned counsels through email.
SANJEEV SACHDEVA, J
MAY 08, 2020
'rs'
