ALOK SHARMA - (1.) COUNSEL for the petitioner submits that he merely seeks two months time to pay the outstanding as per the award dated 29th November, 2007 passed by the Arbitrator in an arbitration under the Arbitration and Conciliation Act, 1996 (hereinafter 'the Act of 1996') between G.E. Money Financial Services Limited formerly known as M/s. G.E. Countrywide Consumer Financial Services Ltd. versus Mr. Mahendra Verma and Mr. Girdhari lal Bunker after due adjustment of monies already paid to the decree holder.
(2.) Counsel submits that the award in issue has been substantially satisfied. In my considered opinion, whether it be a question of satisfaction of the award under the Act of 1996 which unchallenged partakes the character of a decree or it be a question with regard to seeking time for satisfaction of the award passed by a duly appointed Arbitrator under the Act of 1996, it is for the judgment -debtor to move the executing court for appropriate orders. In this view of matter, counsel for the petitioner submits that he be allowed to withdraw the petition with liberty to move an application before the executing court seeking deferment of the recovery of the amount due under the award dated 29th November, 2007 within a period of two months and also claim adjustment of monies already paid. The writ petition is dismissed as withdrawn with the liberty as prayed for. In the event, the petitioner moves an application or pursues his other applications stated to be pending before the executing court, the executing court is expected to address the same in accordance with law.;