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Judgment
The parties have entered into a settlement agreement dated 16.07.2026 through conciliation before the Delhi High Court Mediation and Conciliation Centre (SAMADHAN), whereby they have amicably resolved all the disputes arising out of the purchase order which constitutes the subject matter of the present petition.
Under the terms of the settlement the Respondent has agreed to pay a total settlement amount of Rs.49,65,877.28/- within a period of 90 days from the date of execution of the conciliated agreement, subject to deduction of applicable TDS, if any.
It is further being agreed that in the event of default within the stipulated period, the Respondent shall be liable to pay compensation of Rs.2 lakhs along with the interest at the rate of 24% per annum from the period of delay.
The parties have further agreed that upon payment of the settlement amount, all claims and disputes inter se shall stand fully and finally settled and the conciliated agreement shall have the status and effect of an arbitral award under Section 73 and 74 of the Arbitration and Conciliation Act, 1996.
In view of the settlement arrived at between the parties, the present petition is disposed of in terms of the conciliated agreement dated 16.07.2026. The parties shall abide by the terms of the settlement.
The present petition along with pending applications, if any, stands disposed of.