- 1 - IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION. jmi ARBITRATION PETITION NO.277 OF 2008. M/s.Ameeta Tradecom Pvt.Ltd.& Anr. ..Petitioners. vs. M/s.Premji Khushal & Co.& Anr. ..Respondents. .... Mr.Yashpal M. Jain, for the Petitioners. Mr.Rakesh Jain, for Respondent No.1. Ms.Ameeta Davda, Proprietor of Respondent No.2, in person. .... CORAM CORAM CORAM: S.J.KATHAWALLA, J. S.J.KATHAWALLA, J. S.J.KATHAWALLA, J. DATE DATE DATE : 16TH FEBRUARY,2009 : 16TH FEBRUARY,2009 : 16TH FEBRUARY,2009. P.C.: P.C.: P.C.: . This petition is filed under section 34 of the Arbitration and Conciliation Act, 1996, whereunder the petitioners have sought to impugn the award passed by the learned Arbitrator dated 29th January 2008. The parties have today tendered consent terms executed by and between them dated 16th February 2009 which is taken on record and marked ‘X’ for identification. The said consent terms are signed by the petitioner no.2, who is the Director of the petitioner no.1 and authorised to sign also on behalf of the petitioner no.1. A copy of the authority of petitioner no.2 is filed alongwith the petition. The same is marked ‘A’ for identification. 2. The respondent no.1 is a partnership firm. The consent terms are signed by the C.A. of respondent no.1 whose authority is taken on record and marked Exhibit ‘B’ for identification. The consent terms are also - 2 - signed by respondent no.2, who appears in peson. The respondent no.2 is present in Court alongwith her father. She has stated before the Court that she has cleared her Higher Secondary Examination (12th Standard) and is fluent in English language. She states that she has singed the consent terms on her own free will and volition. The consent terms are signed by the Advocates for the petitioners and also the Advocates for the respondent no.1. 3. Under these consent terms, the respondent no.2 has taken the responsibility to make payments under the said award to respondent no.1. The respondent no.2 has agreed to pay respondent no.1 a sum of Rs.2,36,000/- in full and final settlement of their claim in their award. 4. Under clause 3 of the consent terms, it is agreed and confirmed by the respondent no.1 that the respondent no.2 in part discharge of the settlement amount has already paid a sum of Rs.51,000/- on execution of the consent terms. It is further recorded that the respondent no.2 has issued and handed over to the respondent no.1 and the respondent no.1 has accepted and acknowledged the receipt of 8 post dated cheques aggregating to Rs.1,85,000/- issued by the respondent no.2. - 3 - 5. Under clause 4 of the consent terms, it is agreed that in the event of respondent no.2 committing 2 defaults in payment of the balance amount as aforesaid, respondent no.1 shall be entitled to execute the said award against respondent no.2 for such amount with interest @ 18% till payment/realisation thereof after deducting the amount paid by the respondent no.2. 6. Under clause 6 of the consent terms, it is agreed and confirmed that the petitioners were not liable to make any payment of any amount to respondent no.1 against the impugned award or otherwise. The respondent no.1 have undertaken not to claim or execute or enforce the said award against the petitioners. The respondent no.1 have also undertaken to withdraw the execution proceedings bearing no.EXA/296/2008 initiated against the petitioners and to vacate the warrant of attachment and release all the properties of the petitioners forthwith. 7. In view of the above, he petition is disposed of in terms of the consent terms dated 16th February 2009 marked ‘X’. Refund of Court fees as per the decision of this Court in Puneet Malhotra & ors v/s. R.S.Gai, Sole Arbitrator & Ors., dated 23rd October 2008. - 4 - [S.J.KATHAWALLA, [S.J.KATHAWALLA, [S.J.KATHAWALLA, J.] J.] J.]