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Judgment
Sanjeev Sachdeva, J
I.A. 4818/2022
Parties seek disposal of the petition in terms of the Settlement Agreement dated 16.03.2022.
In view of the above, the application is disposed of. The petition is taken up for consideration.
Next date of 21.04.2022 is cancelled.
OMP (COMM) 129/2021
Petitioner was awarded the work of development, maintenance and management of Four Laning of Nagpur- Saoner Betul section of National Highway No. 69 from Km 3.000 to Km 59.300 in the State of Maharashtra and from Km. 137.00 to Km 257.4.00 in the State of Madhya Pradesh under NHDP Phase -IV on Design Built Finance Operate Transfer ('DBFOT') Annuity basis.
There were certain disputes between the parties which were referred to arbitration.
The Arbitral Tribunal published an award on 01.03.2020. Subject objections to the award were filed by the petitioner under Section 34 of the Arbitration and Conciliation Act, 1996.
Parties have settled their disputes and Settlement Agreement dated 16.03.2022 has been executed. Learned counsels for the parties confirm the Settlement Agreement. Settlement Agreement is marked as exhibit C-1.
I have perused the Settlement Agreement and find the same to be lawful.
In view of the Settlement Agreement petitioner has agreed to pay a sum of Rs. 582.75 crores as per the Schedule of payment contained therein.
Learned counsels for the parties on behalf of the respective parties undertake that they shall abide by the respective obligations cast upon them by the agreement.
The undertakings are accepted.
The petition is disposed of in terms of the Settlement Agreement binding the parties to their respective obligations.
Parties shall also file their respective affidavits of undertaking of their respective authorized representatives undertaking to abide by the terms and conditions of the Settlement.