Ircon International Limited v. M And Co Engineers & Contractors Pvt. Ltd. (M And Co In Short)
$~55 to 57 *
IN THE HIGH COURT OF DELHI AT NEW DELHI
+ O.M.P. (COMM) 290/2018 & I.A. 1545/2024 IRCON INTERNATIONAL LIMITED ..... Petitioner Through:
Ms.
Leena Tuteja, Adv.
(M.
9810049061) versus M AND CO ENGINEERS & CONTRACTORS PVT. LTD. (M AND CO IN SHORT) ..... Respondent Through:
Ms. Renu Gupta and Ms. Pratiksha Jalan, Adv. (M. 99588 44108) WITH + O.M.P. (COMM) 291/2018 & I.A. 1515/2024 IRCON INTERNATIONAL LIMITED ..... Petitioner Through:
Ms. Leena Tuteja, Adv.
versus M AND CO. ENGINEERS & CONTRACTORS PVT. LTD. (JV) (M AND CO(JV) IN SHORT) ..... Respondent Through:
Ms. Renu Gupta and Ms. Pratiksha Jalan, Adv. (M. 99588 44108) AND + O.M.P. (COMM) 293/2018 & I.A. 1499/2024 IRCON INTERNATIONAL LIMITED ..... Petitioner Through:
Ms. Leena Tuteja, Adv.
versus M AND CO ENGINEERS & CONTRACTORS PVT. LTD. (M AND CO IN SHORT) ..... Respondent Through:
Ms. Renu Gupta and Ms. Pratiksha Jalan, Adv. (M. 99588 44108)
CORAM:
JUSTICE PRATHIBA M. SINGH
O R D E R
% 22.01.2024 1.
This hearing has been done through hybrid mode. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.
2.
These are three petitions filed under Section 34 of the Arbitration and Conciliation Act, 1996, challenging the final impugned award dated 28th February, 2018, passed by the Arbitral Tribunal. By the impugned award, a sum of Rs. 2,36,88,470/-; Rs. 6,45,54,926 and Rs. 5,01,39,432/- was awarded in favour of the Respondent-claimant in all the three petitions respectively.
3.
In the present petition, on 13th July, 2018, it was directed that on deposit of 50 % of the awarded amount, there would be stay of the operation of the award. Vide order dated 7th December, 2018 the amount which was deposited was directed to be released to the Respondent subject to the Respondent furnishing a bank guarantee for an equivalent sum. 4.
Today, applications have been filed informing the Court that the matters have been resolved through the Vivad Se Vishwas II - (Contractual Disputes) Scheme, dated 29 May 2023 (hereinafter referred as "Vivad Se Vishwas Scheme"), which was launched by the Government and thus it is prayed that the objections itself be disposed off and bank guarantee be released.
5.
The Court has perused the emails dated 23rd December, 2023 and 11th January, 2024, where it is confirmed that the settlement agreement has been recorded in respect of all the three arbitration awards, bearing no.- SPSJ/ARB/J&K/m&CO/2010/BR-4, SPSJ/ARB/J&K/M&Co/2010/BR 15 and No.SPSJ/ARB/J&K/M&Co/2010/BR-16.
6.
Respondent also confirms that the settlement has been entered into as per the Scheme. In view thereof, the present petitions are disposed of in terms of the said settlement.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.
7.
The Court has seen the electronic copy of the agreement dated 15th January, 2024. In view of the settlement entered into, the present petitions are disposed of. All pending applications are also disposed of. 8.
Let the bank guarantees deposited by the Respondent be released to the Respondent.
9.
The next dates before Court shall stand cancelled. PRATHIBA M. SINGH, J.
JANUARY 22, 2024 mr/ks The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.