Dear Nidhi,
As per the provisions of the Industrial Disputes Act, a settlement between the Employer and the Union is binding upon the employer and the employee who are the members of the said Union.
Secondly i am surprised, that when the issue was pending before the ALC, why dis the Union do in for a bilateral Settlement, when easily the isue could have been signed triparted, i.e., ALC, Employer Company and the Union.
Since now the Issue pending before the ALC has been settled, he would in normal course, would closed the conciliation as settled between the parties.
But if he was not made aware of such a settlement, he could refer the dispute for adjudication. But beware, that such dispute so referred suffers from serious anomalies and can go against the Union, as well as the Employers for failing to bring this to the notice of the Conciliation Oficer.
Ashish