Arbitral award challenge resolved through consent terms, with settlement obligations and default consequences preserved.

A challenge to an ICC arbitral award under the Arbitration and Conciliation Act, 1996 was not interfered with, and the appeal was disposed of on the basis of consent terms recorded by the Court. The parties placed a settlement covering revised payment obligations, dues to NOIDA, and a deposit-and-release schedule, with undertakings from the parties and the purchaser making the commercial arrangement binding. Default consequences were expressly preserved, and the challenge to the award was rejected in terms of the agreed settlement.

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Issues: Whether the challenge to the ICC arbitral award called for interference and whether the appeal could be disposed of in terms of the consent arrangement arrived at between the parties.

Analysis: The appeal arose from a challenge to an award passed in ICC arbitration and the concurrent rejection of that challenge under Section 34 and Section 37 of the Arbitration and Conciliation Act, 1996. During the proceedings, the parties placed a settlement before the Court, including revised payment obligations, payment of dues to NOIDA, and a schedule for deposit and release of amounts. The undertakings filed by the parties and the purchaser bound the parties to the agreed commercial arrangement, while default consequences were preserved.

Conclusion: The challenge to the arbitral award was rejected, and the appeal was disposed of in terms of the recorded consent terms.

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