[ 6-B. (1) A settlement arrived at by agreement between the employer and workmen otherwise than in the course of conciliation proceeding shall, except as provided in sub-section (4), be binding on the parties to the agreement ;
Provided that if the period for which a settlement shall remain in force, has not been laid down in such settlement itself, it shall remain in force for one year from the date of its registration.
(2) As soon as a settlement referred to in sub-section (1) has been arrived at, the parties to the settlement or any one of them may apply to the Conciliation Officer of the area concerned in the prescribed manner for registration of the settlement.
(3) On receipt of application for registration under sub-section (2) the Conciliation Officer or an authority notified by the State Government in this behalf, either (i) register the settlement in the prescribed manner, or (ii) refuse registration if it considers it to be inexpedient to do so on public grounds affecting social justice, or if the settlement has been brought about as a result of collusion, fraud or misrepresentation.
(4) Where a settlement under sub-section (1) has been refused registration, it shall not be binding under this Act.