Thanks MSJ.
I found that this question did crop up earlier in this site and was not answered properly.
https://www.citehr.com/66584-differe...agreement.html
The ID Act defines "Settlement" as :
1[(1)A settlement arrived at by agreement between the employer and workman otherwise than in the course of conciliation proceeding shall be binding on the parties to the agreement.
(2) 2[Subject to the provisions of sub-section (3), an arbitration award] which has become enforceable shall be binding on the parties to the agreement who referred the dispute to arbitration.]
3[(3)] A settlement arrived at in the course of conciliation proceedings under this Act 4[or an arbitration award in a case where a notification has been issued under sub-section (3A) of section 10A] or 5[an award 6[of a Labour Court, Tribunal or National Tribunal] which has become enforceable] shall be binding on—
(a) all parties to the industrial dispute;
(b) all other parties summoned to appear in the proceedings as parties to the dispute, unless the Board, 7[arbitrator] 8[Labour Court, Tribunal or National Tribunal], as the case may be, records the opinion that they
were so summoned without proper cause;
(c) where a party referred to in clause (a) or clause (b) is an employer, his heirs, successors or assigns in respect of the establishment to which the dispute relates;
(d) where a party referred to in clause (a) or clause (b) is composed of workmen, all persons who were employed in the establishment or part of the establishment, as the case may be, to which the dispute relates
on the date of the dispute and all persons who subsequently become employed in that establishment or part.
Simply put, an agreement with the stamp of approval of any legislation (court / tribunal etc) becomes an settlement. Some interesting points here are :
An agreement is binding to the parties of that agreement. Say, I have Unions A, B, C & D and A, B & C are the majority recognised Unions and I make an Agreement with A, B & C - then that Agreement is not binding on D. However, if that Agreement is an Settlement, it becomes beinding on even Union D.
The question however remains - Calling all/some Agreements as Agreement and not Settlement can be confusing, to, as its territory or domain. Hence, it even becomes a dispute when an Agreement is an Agreement or a Settlement.
Thanks All.