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CS Professional · Arbitration, Mediation and Conciliation · Arbitral Proceedings, Pleadings and Evidence

During arbitral proceedings between Bharat Steel Ltd and Ujjain Fabricators, the parties settle the dispute and jointly ask the tribunal to record the settlement as an award. The tribunal does not object. Which statement is correct under section 30?

The tribunal terminates the proceedings and, as requested and unopposed, records the settlement as an arbitral award on agreed terms. That award must comply with section 31 and state it is an award, and under section 30(4) it has the same status and effect as any other award.

  1. AThe tribunal terminates the proceedings and may record the settlement as an arbitral award on agreed terms, which has the same status and effect as any other award on the substance of the disputeCorrect
  2. BThe tribunal must continue the proceedings until a reasoned award on merits is made
  3. CThe settlement can only be recorded as a private contract with no award status
  4. DAn award on agreed terms is made without section 31 formalities and need not state it is an award

Explanation

Under section 30(2), on settlement the tribunal terminates the proceedings and, if requested by the parties and not objected to, records the settlement as an award on agreed terms. Section 30(3) requires it to follow section 31 and state that it is an award, and section 30(4) gives it the same status and effect as any other award.

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