Settlement Agreement Sec 73

(b) the parties have reached an agreement to settle their disputes other than through mediation, for example. B through the use of arbitration. (b) The conciliator assists the parties “independently and impartially in their attempt to reach an out-of-court settlement [p. 67, paragraph 1].] In the case of Haresh Darayam Thakur Vs. State of Maharashtra The Supreme Court considered the importance of the signing of both parties on the settlement agreement. Tribunal stated that the settlement agreement pursuant to Section 73 of the Arbitration and Conciliation Act, 1996 may be the legal interest of the arbitration award under Section 74 of the Arbitration and Conciliation Act, 1996 only if both parties sign the settlement agreement. A transaction agreement can only be concluded in a simpler way if it sees that there is a possibility of reciprocal settlement of disputes between the parties. The same is true for Anuradha SA Investment LLC – Anr. Vs.

Parsvnath developer Limitid – Ors. The application of the transaction agreement was challenged on the basis that the parties and the conciliator did not properly sign. Tribunal stated that the fact that the transaction agreement is not duly labelled does not invalidate the entire agreement. Compliance with the transaction agreement in accordance with the arbitration award does not mean that the parties must obtain a decree to enforce the transaction agreement or initiate the new procedure, the settlement agreement under Article 73 only obtains arbitration status in accordance with Section 30, so that it can be applied and can be binding on parties such as the arbitration award. In the case of an agreement that is not properly stamped, the parties must only correctly affix the stamp of the transaction contract. In addition, in Mysore Cements Limited v. Svedela Barmac Ltd3. was followed by the Apex Court and reiterated its view in the Haresh Dayaram Thakur (supra) case, the settlement agreement is reached in accordance with Article 73, which meets the requirements set out in it, and it obtains the status and effect of an arbitration award under the terms agreed in the case of the case of the division 30 arbitration of the law. When a transaction agreement is entered into pursuant to section 73, which meets the requirements set out in it, it obtains the status and effect of an arbitral award issued by the Arbitration Tribunal under Section 30 of the Act. In addition, it was found that a mere substantial compliance with Section 73 was not sufficient; all legal requirements must be met. “A diplomatic procedure that leads to a controversy by helping the parties reach a voluntary agreement, and the final decision is taken by the parties themselves with the help of a conciliator.” Although conciliation in India is not a new type of dispute resolution, because it is provided for by the Industrial Disputes Act of 1947 and can be traced under the Family Act, conciliation under these statutes differs from that of the new Conciliation Act, i.e. conciliation by the parties` agreements is expressly enumerated in the Arbitration and Conciliation Act.

, 1996.