AKBARALLYS Vs. INDIAN OIL CORPORATION

JUDGEMENT

(1.) By this petition, the petitioner seeks to impugn the arbitral award dated 28th March 2014 allowing the claims made by the respondent and directing the petitioners to pay an amount of Rs.15,61,101/- with interest @ 9% p.a. from the date of filing of claim till the date of payment or realization.

(2.) On 11th December 2000, the parties entered into Memorandum of Understanding (MOU). Under the said MOU, the petitioner agreed to pay certain compensation amounts to the respondent for the premises used and occupied.

(3.) It is the case of the petitioner that there was discussion held on 12th August 2010 between the officers of the respondent and the petitioners wherein the officers of the respondent agreed for one time settlement and agreed to accept 50% of the compensation in full and final settlement of the entire arrears of the petitioners. The petitioners accordingly by its letter dated 16th August 2010 recorded such alleged settlement arrived at between the officers of the respondent and the petitioners and forwarded a cheque of Rs.3,33,960/-. On 28th September 2010, the petitioners handed over the possession of the shop to the respondent.