(1)  Notwithstanding anything contained in any other law for the time being in force, in any case in which the mediated settlement agreement is arrived at between the parties and is sought to be challenged by either of the parties, such party may file an application before the court or tribunal of competent jurisdiction.

   (2)  A mediated settlement agreement may be challenged only on all or any of the following grounds, namely:—

   (i)  fraud;

   (ii)  corruption;

   (iii)  impersonation;

   (iv)  where the mediation was conducted in disputes or matters not fit for mediation under section 6.

   (3)  An application for challenging the mediated settlement agreement shall not be made after ninety days have elapsed from the date on which the party making that application has received the copy of mediated settlement agreement under sub-section (3) of section 19:

   Provided that if the court or tribunal, as the case may be, is satisfied that the applicant was prevented by sufficient cause from making the application within the said period of ninety days, it may entertain the application within a further period of ninety days.