ARB No. 279 of 2006 1 In the High Court of Punjab and Haryana, Chandigarh. ARB No. 279 of 2006 Date of Decision: 01.05.2009 Paramount Chemi-equip Pvt. Ltd. ....Petitioner. Versus M/s. Punjab Alkalies & Chemicals ....Respondent. Coram:- Hon'ble Mr.Justice J.S. Khehar Present: Mr. Vivek Suri, Advocate for the petitioner. Mr. Arun Nehra, Advocate for the respondent. ... J.S. Khehar, J. (Oral). The instant petition was filed under the provisions of the Arbitration and Conciliation Act, 1996, calling upon this court to nominate an arbitrator to settle the controversy arising between the parties out of the agreement dated 4.5.1998. On the last date of hearing, learned counsel for the respondent partly accepted the liability of the respondent and offered to settle the dispute between the parties by making a one time payment of Rs.3,11,434.54 paise. Learned counsel for the petitioner sought an adjournment so as to enable him to seek instructions on the offer made by the learned counsel for the respondent. ARB No. 279 of 2006 2 During the course of hearing today, learned counsel for the petitioner states, that the petitioner is ready and willing to accept a sum of Rs.3,11,434.54 paise being offered by the respondent as one time payment, without any interest or costs, and as a matter of full and final settlement between the parties. In view of the above agreement arrived at between the parties, the instant petition is disposed of with the direction to the respondent to pay a sum of Rs.3,11,434.54 paise to the petitioner within four weeks from today as a matter of full and final settlement between the parties. The petition stands disposed of in the aforesaid terms. In view of the above, the suit filed by the petitioner on the issue adjudicated upon through the instant order, shall be withdrawn by the petitioner. ( J.S. Khehar ) Judge 01.05.2009 sk.