Arbitration Award on GST Component in Lease Rentals Requires Security Deposit Under Section 34

The HC denied unconditional stay of an arbitration award concerning GST component disputes in lease rentals. The petitioner failed to substantiate allegations of fraud or corruption in the making of the award, as required under the Arbitration and Conciliation Act, 1996. The court determined that honest mistakes or incorrect appreciation of contract terms do not constitute fraud. The petitioner must secure Rs. 8,40,52,832/- by furnishing a bank guarantee to the Registrar Original Side, Calcutta. Unconditional stay granted for four weeks, and stay will continue until disposal of the Section 34 application upon compliance with the security requirement. In default, the stay would be vacated. .....

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