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Supreme Court Of India

(From : Delhi)*

Hon'ble Judge(s): Doraiswamy Raju, Shivaraj V. Patil , JJ

Arbitration and Conciliation Act (26 of 1996) , S.74, S.73, S.76, S.30, S.36— Conciliation proceedings - Settlement arrived at between parties - One party also executing Letter of Comfort on same day - Procedure and steps contemplated by S. 73 not adhered to - Memorandum of conciliation - Proceedings and Letter of Comfort - Either taken individually or together - Could not be treated as settlement agreement under S. 73 - Could not be enforced as arbitral award. If the Settlement Agreement comes into existence under Section 73 satisfying the requirements stated therein, it gets the status and effect of an arbitral award on agreed terms on the substance of the dispute rendered by an arbitral tribunal under Section 30 of the Act. However substantial compliance with the requirements of Section 73 when the parties have arrived at a Settlement Agreement is not enough to take up execution based on such a compromise or agreement. Even a compromise petition signed by both the parties and filed in the Court per se cannot be enforced resorting to execution proceedings unless such a compromise petition is accepted by the Court and the Court puts seal of approval for drawing a decree on the basis of compromise petition. (Para 16) In the instant case a Letter of Comfort furnished by a party to conciliation p....