The International Court of ARBITRATION
In the vibrant locality of Trikuta Nagar, Jammu, a non-governmental finance company, incorporated in 1997 and officially registered with the Registrar of Companies, found itself entangled in a dispute. The issue at hand was the nonpayment of a substantial sum of Rs. 37,000/- by a bakery owner residing in the serene town of Bicholim, Goa, with a postal code of 403505. Despite repeated demands for payment, the bakery owner remained in default, prompting the finance company to resort to PrivateCourt as the solution.
Both parties, frustrated by the impasse, sought PrivateCourt's intervention to facilitate a fair and equitable resolution to their financial disagreement.
This dispute arose for several reasons. Firstly, the finance company had extended a loan of Rs. 37,000/- to the bakery owner, with the understanding that it would be repaid within a specified timeframe. However, the bakery owner failed to adhere to the repayment schedule, which formed the core of the dispute. Secondly, disputes emerged regarding the calculation of interest and the exact amount owed, adding complexity to the situation. Thirdly, communication breakdowns and a lack of a written agreement further compounded the dispute. Lastly, trust between the parties eroded, leaving both sides entrenched in their positions and seeking resolution through PrivateCourt.
PrivateCourt, renowned for its impartiality and commitment to alternative dispute resolution, took swift action upon receiving the case. Formal notices were sent to both parties, requesting comprehensive documentation to substantiate their respective claims. PrivateCourt's meticulous vetting process ensured a level playing field.
The accomplished conciliator from PrivateCourt scheduled a conciliation meeting via Zoom and audio calls as per the Notice of Conciliation. Surprisingly, during this meeting, both the respondent and the claimant engaged in constructive dialogue, displaying a willingness to settle the dispute amicably. The respondent promptly communicated their intent to PrivateCourt.
Based on the positive discussions during the conciliation, a comprehensive Settlement Agreement was meticulously drafted and executed in accordance with Section 73 of the Arbitration and Conciliation Act 1996, on 21st August 2023. In this agreement, the respondent unequivocally committed to paying the claimant the agreed-upon amount of Rs. 37,000/- on or before 15th September 2023. Crucially, the agreement stipulated that any future claims or disputes arising from this settlement would be resolved through e-arbitration, following PrivateCourt's established rules.
This case exemplifies the effectiveness of PrivateCourt as a neutral and trusted platform for alternative dispute resolution. Through skillful mediation and a commitment to fairness, the claimant and respondent successfully navigated their differences and reached a mutually acceptable resolution. The Settlement Agreement not only ensures the settlement of the disputed amount but also establishes a framework for a peaceful and legally binding future relationship between the two parties, while also avoiding the complexities and costs of protracted legal proceedings.
