1 906.arbp-624-11 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION jmi ARBITRATION PETITION NO. 624 OF 2011. Indoco Remedies Limited. ..Petitioner. vs. Sharad Constructions Pvt. Ltd. ..Respondent. .... Mr. S.G. Punalekar, i/b. P.R.S. Legal, for Petitioner. Ms. Anjali Chandurkar, a/w. Mr. Manish Parekh & Miss. Megha Martins, i/b. Purnanand & Co., for Respondent. .... CORAM : S.J. KATHAWALLA, J. DATE : 29TH SEPTEMBER 2011. P.C. : Heard the learned Advocate appearing for the parties. The following order is passed by consent of the parties : (a) The Petitioner admits and confirms the Award dated 24th September 2010. (b) The Respondent agrees to accept a sum of Rs. 85 lacs from the Petitioner in full and final settlement of the Award dated 24th September 2010. (c) The Petitioner agrees and undertakes to pay the said amount of Rs. 85 lacs to the Respondent as follows : (i) Rs. 11 lacs on or before 30th September 2011. (ii) Rs. 74 lacs on or before 26th December 2011. (d) The Petitioner shall be entitled to deduct TDS from the said amount of Rs. 85 lacs and submit TDS Certificate to the Respondent within a period of 15 days from the date of deduction. 2 906.arbp-624-11 (e) In the event of the Petitioner making any default in payment, as set out in clause (c) above, the Respondent shall be at liberty to take out execution proceedings to recover in full the amount awarded by the Arbitral Tribunal in it Award dated 24th September 2010. (f) Parties agree that they relive each other of all their obligations, if any, under the Letter of Intent dated 6th June 2005 and give up all the claims that they may have against each other. (g) The Arbitration Petition is accordingly disposed of. Refund of Court fees, if any, as per Rules. [ S.J. KATHAWALLA, J. ]