Section 74
Status and effect of settlement agreement.
The Arbitration and Conciliation Act, 1996
About this Act
An Act to consolidate and amend the law relating to domestic arbitration, international commercial arbitration and enforcement of foreign arbitral awards as also to define the law relating to conciliation and for matters connected therewith or incidental thereto.
The settlement agreement shall have the same
status and effect as if it is an arbitral award on agreed terms on the substance of the dispute rendered by
an arbitral tribunal under section 30.