Friday, August 8, 2014

Conciliation & Settlement Agreement in India

Principles & Procedure of conciliation under Arbitration & Conciliation Act 1996



A settlement agreement u/ sec 73 , as per the Arbitration and Conciliation Act, 1996, arrived during conciliation signed by both parties and authenticated by the CONCILIATOR is enforceable as per sec 74, in the same manner as of an Arbitration Award u/s 30 and u/s 35 of the Act.Important case law in this subject is Mysore Cements Ltd V/s Suedla Barmae Ltd (2003) 43 SCL433 (SC).