Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Indian Laws - Highlights / Catch Notes

Home Highlights November 2024 Year 2024 This

The Supreme Court examined a challenge u/s 34 of the Arbitration ...


Challenge to arbitral award and conditional stay by statutory body: Court upholds equal treatment principle.

Case Laws     Indian Laws

November 5, 2024

The Supreme Court examined a challenge u/s 34 of the Arbitration and Conciliation Act, 1996 against an arbitral award and the grant of conditional stay on its execution. The High Court had directed the respondent, a statutory undertaking, to furnish a bank guarantee only for the principal amount awarded, excluding interest and costs, reasoning that the respondent was not a "fly-by operator." The Supreme Court held that the Arbitration Act does not distinguish between governmental and private entities, and the High Court erred in basing its decision on the respondent's status as a statutory authority. The Court modified the High Court's order, directing the respondent to deposit 75% of the decretal amount, inclusive of interest, by a specified date, conditional upon which the enforcement of the arbitral award would be stayed. The Court emphasized that the principles governing arbitration proceedings cannot vary based on the parties' status.

View Source

 


 

You may also like:

  1. Tribunal clarified that its order dated 26.05.2022 did not modify or vary the earlier orders dated 15.10.2018 and 11.01.2019, except for directing sealed cover...

  2. Impugned award unaffected by fraud or corruption; Arbitral Tribunal considered materials and submissions; no case made out regarding fraud in passing award. Parties...

  3. Execution of the award passed by the learned Arbitral Tribunal/Court - If the High Courts convert itself to the Executing Court and entertain the writ petitions under...

  4. The Appellate Court exceeded its jurisdiction u/s 37 of the Arbitration and Conciliation Act, 1996, by setting aside an arbitral award that had already been confirmed...

  5. Execution of arbitral award - the arbitral proceedings were initiated prior to insolvency resolution date, suspended during the moratorium period, resumed upon expiry of...

  6. Grant of Arbitral Award - when a Court is applying the ‘public policy’ test to an arbitral award, it does not act as a court of appeal and consequently errors of fact...

  7. Validity of Arbitral Award - In the remand back case, the Arbitrator was warned not to be influenced by the factors that weighed in his mind while making the First Award....

  8. Scope of arbitral award - The principle of interpretation of contracts adopted by the Division Bench of the High Court that when two constructions are possible, then...

  9. Grant of Interim Award - There was a fundamental failure of the first Arbitral Tribunal to address the plea raised by ONGC for attracting the group of companies doctrine....

  10. Validity of Arbitral Award - Seeking stay of proceedings before the NCLT - judgment debtor failed to honour the aforesaid undertaking given before the Hon’ble Supreme...

  11. Arbitral Proceedings - Computation of one-year period for completing the proceedings - exclusion of days during which the proceedings were stayed - The High Court...

  12. Validity of Arbitral Award - Ordering the petitioner to repay advances for rejected testing kits with interest and legal costs - The court observed that the arbitrator...

  13. Arbitral award - The scope of interference with the Arbitral Award under Section 34 of the Act is limited. The impugned award can be interfered only on the grounds as...

  14. International Arbitral award - The Arbitral Tribunal has only awarded reimbursement of half the price paid by the buyers to the sellers and, therefore, the award cannot...

  15. Stay of recovery of tax demand - AO stay asking to the assessee to pay 50% of the outstanding demand in 18 equal monthly instalments. - the assessee has not complied...

 

Quick Updates:Latest Updates