TaxTMI 
TaxTMI 
2017 (2) TMI 1531
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....e arbitration. 2. It is an admitted position that the parties were agitating their disputes before the learned Arbitrator, which disputes were eventually settled by virtue of Consent Terms executed by and between the parties on 18th March 2015. By a resolution passed by the Board of Directors of the Petitioner on 16th March 2015 it was resolved that the Petitioner would execute, sign and file Consent Terms and place the same before the learned Arbitrator and seek an Award in terms of the Consent Terms. This resolution forms part of the record of the Arbitration Petition. 3. Accordingly, the parties signed the Consent Terms, placed the same before the learned Arbitrator and sought an Award in terms thereof. The learned Arbitrator, at t....
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....er herein was that two weeks' time was required for the Advocates to take instructions from the Petitioner herein and to make payment of the fees of the learned Arbitrator. Accordingly, the matter stood adjourned to 30th July 2015. 6. It appears that on 28th July 2015, in response to an email addressed by the Advocates for the Petitioner herein to the Petitioner, the Petitioner, for the first time, sought to contend that the Consent Terms were signed by them on an understanding that there was to be compliance with a Memorandum of Understanding executed between the parties hereto, which Memorandum of Understanding appears to have been executed on 19th March 2015 ("MOU"). It was sought to be contended by the Petitioner herein in this lette....
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....d by the 2015 Amendment to submit that the making of the Award was induced or effected by fraud. 10. I have considered the submissions of the learned Advocates for the parties. First and foremost there is no case pleaded of 'fraud' having been played upon the Petitioner herein while executing the Consent Terms. The case is one of coercion, which in itself is bereft of any material particulars. It is not enough for a party to simply come to Court and aver coercion. For over four months after passing of the Award, and despite being well aware of the same, no objection was raised by the Petitioner herein to the effect that the Consent Terms were entered into under coercion. In fact, the matter remained pending before the learned Arbitrator ....
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....efore the arbitrator and sought an Award in terms of the Consent Terms. 13. Ms. Drishti Shah, the learned Advocate for the Petitioner herein has submitted that the Consent Terms were executed by the Petitioner herein on the understanding that the Respondent herein would comply with the terms of the MOU. It is alleged by the Petitioner that the Respondent has in fact not complied with the terms of the MOU and on this ground alone, the Consent Terms must fail and the Award ought to be set aside. I cannot accept this submission. As is ex facie evident, the Consent Terms nowhere refer to the MOU. A reading of the Consent Terms shows that the payment terms therein were not conditional or contingent upon compliance with any terms of the MOU. I....