Bombay High Court
Chowgule And Company Private Limited vs Fomento Commodities Pte Ltd on 16 April, 2024
Author: R.I. Chagla
Bench: R.I. Chagla
2024:BHC-OS:6477
11-CARBP(L) 29959.2023.doc
Kavita S.J.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COMMERCIAL ARBITRATION PETITION (L) NO. 29959 OF 2023
Chowgule and Company Private Limited ...Petitioner
Versus
Fomento Commodities Pte Limited ...Respondent
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Mr. Ankit Pathak a/w Ms. Surbhi Shah & Pransenjit Ghosh i/b
Trilegal for the Petitioner.
Mr. Kunal Naik a/w Ms. Isha Sawant i/b Bimal Rajasekhar for the
Respondent.
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CORAM : R.I. CHAGLA, J.
DATED : 16TH APRIL, 2024.
ORDER :
1. The Petitioner and Respondent have arrived at a settlement in the above Commercial Arbitration Petition. The Consent Terms dated 8th April, 2024 are tendered and taken on KAVITA record and marked 'X' for identification. The Consent Terms have SUSHIL JADHAV been signed by the authorized signatory of the Petitioner and Digitally signed by KAVITA SUSHIL JADHAV Date: 2024.04.20 16:41:24 +0530 authorized signatory of the Respondent. 1/4 ::: Uploaded on - 20/04/2024 ::: Downloaded on - 28/04/2024 22:30:20 :::
11-CARBP(L) 29959.2023.doc
2. The authorized signatory of the Petitioner is present in Court. The necessary resolutions passed by the Board of Directors of the Respondent-Company authorizing the signatory to the Consent Terms to execute the Consent Terms is appended to the Consent Terms.
3. I am satisfied that the Consent Terms are in order, not contrary to law and have been drawn by the parties of their own volition in reflection of their true intentions.
4. The undertakings in the Consent Terms, if any, being accepted as undertakings to the Court.
5. The Petitioner has paid the agreed sum by way of SWIFT payment transfer to the Respondent in full and final satisfaction and in full and final discharge of any and all claims whatsoever, and / or all amounts due and payable by the Petitioner to the Respondent in respect of the Master Long Term Contract ("MLTC") dated 18 th September, 2020 as amended by an Addendum dated 18 th February, 2021 (together "MLTC"), the Award and Section 34 Petition in accordance with Clause 4A of the Consent Terms.
6. The learned Counsel for the Respondent has confirmed 2/4 ::: Uploaded on - 20/04/2024 ::: Downloaded on - 28/04/2024 22:30:20 ::: 11-CARBP(L) 29959.2023.doc having received the agreed sum paid by the Petitioner and copy of receipt has been appended as Annexure-1 to the Consent Terms.
7. The Respondent has undertaken and confirmed in Clause 4(C) of the Consent Terms that the settlement amount received by the Respondent from the Petitioner is towards full and final settlement for all pending dues owed to the Respondent by the Petitioner, including but not limited to all dues in respect of the Award and the Section 34 Petition.
8. The Commercial Arbitration Petition (L) No.29959 of 2023 is disposed off in accordance with the Consent Terms.
9. The Interim Application, if any, do not survive and is accordingly disposed off.
10. Needless to state that orders passed in the Interim Application which are in operation shall in view of the Arbitration Petition being disposed of in accordance with the Consent Terms, no longer remain in operation.
11. The parties have agreed in Clause 10 of the Consent Terms to keep these Consent Terms strictly confidential and not to be 3/4 ::: Uploaded on - 20/04/2024 ::: Downloaded on - 28/04/2024 22:30:20 ::: 11-CARBP(L) 29959.2023.doc disclosed to any person whatsoever except to the extent that they have to be produced before this Court.
12. In view of the aforementioned agreement, the Consent Terms placed on file of this Court shall not be uploaded.
[R.I. CHAGLA, J.] 4/4 ::: Uploaded on - 20/04/2024 ::: Downloaded on - 28/04/2024 22:30:20 :::