The process by which a third party persuades and facilitates the disputants for mediating and promoting the settlement of an industrial dispute is called

The process described is Conciliation. Under the Industrial Disputes Act, 1947, conciliation is a method of dispute resolution where a neutral third party (Conciliation Officer) acts as a facilitator to assist the disputing parties (employer and employees) in reaching an amicable settlement. The officer's role is to persuade and mediate rather than to adjudicate.

• Arbitration: Involves a third party who hears both sides and gives a binding decision (award).
• Collective Bargaining: A bipartite negotiation process between the employer and the union without mandatory third-party intervention.
• Compulsory Adjudication: The settlement of a dispute by a Labor Court or Tribunal where the decision is legally binding, usually used when conciliation fails.