ASN 1 Appeal-492 to494.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION APEAL LODGING NO.492 OF 2011 TO APPEAL LODGING NO. 494 OF 2011 W.B. Engineers International Pvt. Ltd. ..Appellant. Vs. Tata Capital Limited. ..Respondent. Mr. Vivek Kantawala with Bhairavi Waravdekar, Sneha Nanandkar and Nikhita Prabhu i/by M/s.Vivek Kantawala & Co. for the Appellant. Mr. Nikhil Mehta i/by KMC Legal Venture for the Respondents. CORAM : MOHIT S. SHAH, C. J. AND SMT. ROSHAN DALVI, J. DATE : 14 October 2011 PC: These appeals are directed against the order dated 1 July 2011 of the learned Single Judge of this Court rejecting the Arbitration Petition Nos. 490 to 492 of 2011 filed by the same common appellants under Section 34 of the Arbitration & Conciliation Act for setting aside three separate awards dated 18 December 2010 passed by the sole Arbitrator Mr. Vinod Kumar Mishra. As per the said awards the appellants herein are directed to pay to the claimant Tata Capital Limited jointly and severally a sum of Rs.3/- Crores with further interest at the ASN 2 Appeal-492 to494.sxw rate of 18% per annum from 26 May 2010 till realization. The awards further direct the appellants to handover hypothecated equipments/assets/vehicles to the claimant with liberty to the claimant to repossess the same and to sell the said assets and adjust the sale proceeds to realize the amounts due and payable under the loans which were granted by respondent Tata Capital Limited to the appellants. The appellants are directed to pay Rs.30,000/- towards the costs of the arbitration. 2 At the hearing of this appeals, pursuant to the suggestion made by the Court, the parties have agreed to settle the dispute and the consent terms are presented in the form of an affidavit dated 14 October 2011 of Mrs. Marietta Barreto. 3 The learned counsel for the respondent Tata Capital Limited also states that the respondent Tata Capital Limited accepts the said offer and with consent, order be passed on the basis thereof. 4 Accordingly, affidavit of Mrs. Marietta Barreto is accepted and the appeals are disposed of in terms of the statements made in the said affidavit by directing the appellants to act in accordance with the statements made in this affidavit which statements are accepted by the respondent. Affidavit is taken on record and marked as Exhibit-A. 5 In view of the above statement, the parties shall not take any further steps before the Arbitrator in respect of the awards under ASN 3 Appeal-492 to494.sxw challenge before this Court until any default is made by the appellants in the payment of installments set out in the affidavit.. 6 In case payments are made as per the statements made in the affidavit, the arbitration awards shall be treated as having been satisfied. In case of any default, the appeal shall stand dismissed and consequences mentioned in the affidavit shall follow. CHIEF JUSTICE ( SMT. ROSHAN DALVI, J. )