Law: Recognition and Enforcement (Arbitration Agreements and Foreign Arbitral Awards) Ordinance, 2011

Section: 3, 6

Recognition and Enforcement (Arbitration Agreements and Foreign Arbitral Awards) Act (XVII of 2011) Ss.3 & 6---Foreign arbitral award---Recognition and enforcement---Parties entering into settlement---Consent decree---Terms of settlement treated as judgment executable as a decree---Present proceedings before the High Court were initiated for enforcement/recognition of a foreign arbitral award under S. 6 of the Recognition and Enforcement (Arbitration Agreements and Foreign Arbitral Awards) Act, 2011, and a joint application was moved under Ss. 3 & 6 of the Act read with O.XXIII, R. 3, C.P.C. seeking a consent decree on settlement terms---The parties agreed that the foreign award be recognized as a foreign arbitral award and satisfied through payment of USD 250,000 (USD 10,000 already paid, USD 90,000 payable by 31.12.2025, and USD 12,500 per month from Jan-Dec 2026), upon receipt whereof the applicant would seek removal of the respondent/associated companies from the default list---It was further agreed that default would render the settlement null and void enabling enforcement of the award for the full remaining amount, and that the respondent would withdraw suit pending before the civil court---Held: The terms were contained in the memorandum of application and the same had been duly signed by the authorized representatives of the parties and their respective counsel---An affidavit in support had been filed by each authorized representative of the parties---Therefore, there appeared to be no impediment to the grant of this application---As a consequence the award was recognized as binding and enforceable; the terms recorded supra were treated as judgment, executable as a decree of the High Court; and the present application was disposed of, in circumstances.                                                                                                              …