Arbitration and Conciliation Act, 1996, Section 34, 37 -- Arbitral award - Reduction of rate of interest - Statutory rate of interest itself is contemplated at 18% p.a u/s 31(7) of the Act - Modification of rate of interest for past, pendente lite and future interest set aside - Interest @ 18% p.a as awarded by arbitrator held, reinstated...........
Arbitration and Conciliation Act, 1996, Section 8 -- Reference to arbitration - Memorandum of Understanding (MoU) having an arbitration clause exclusively executed between appellant and respondent - MoU contains a description of respective family units and their concerns - Neither Bank nor company are parties to arbitration agreement - MoU indicates that there are certain..........
Civil Procedure Code, 1908, Section 47 -- Execution - Objections - Arbitration award - Objections u/s 47 CPC are not maintainable in proceedings for purposes of execution or enforceability of an arbitration award - But nonetheless objections raised by JD which do not touch upon merits of award or raise questions which cannot be raised u/s 34 of Arbitration and Conciliation..........
Arbitration and Conciliation Act, 1996, Section 11(6), Limitation Act, 1963, Article 137 -- Appointment of arbitrator - Limitation - An application u/s 11 of Act of 1996 is governed by Article 137 of Limitation Act and must be made within three years from the date when the right to apply first accrues...........
Arbitration and Conciliation Act, 1996, Section 11(6), Limitation Act, 1963, Article 137 -- Appointment of arbitrator - Limitation - Continuation of negotiations - Mere negotiations will not postpone "cause of action" for the purpose of limitation...........
Arbitration and Conciliation Act, 1996, Section 11(6), Limitation Act, 1963, Article 137 -- Appointment of arbitrator - Limitation - Petition u/s 11(6) of the Act for seeking appointment of Arbitral Tribunal is required to be filed before High Court or Supreme Court, as the case may be and it is Art.137 of Limitation Act which would apply - Said period would begin to run..........
Arbitration and Conciliation Act, 1996, Section 11(6), Limitation Act, 1963, Article 137 -- Appointment of arbitrator - Limitation - Claim for arbitration must be raised as soon as the cause for arbitration arises - Cause of arbitration arises when the claimant becomes entitled to raise the question, that is, when the claimant acquires right to require arbitration...........
Arbitration and Conciliation Act, 1996, Section 11(6), (6A) -- Appointment of arbitrator - Pre-referral jurisdiction of Courts u/s 11(6) of the Act is very narrow and inheres two inquiries i.e. : (i) primary inquiry is about existence and validity of an arbitration agreement, which also includes an inquiry as to parties to agreement and applicant's privity to said..........
Arbitration and Conciliation Act, 1996, Section 11(6), (6A) -- Appointment of arbitrator - Pre-referral jurisdiction of Court - Referral Court has not pronounced anything finally on existence and validity of arbitration agreement which ought to have been done by referral Court - Order passed by High Court referring disputes to arbitration quashed - Matter remanded for..........
Arbitration and Conciliation Act, 1996, Section 8 -- Reference of dispute to arbitrator - Non-existence of arbitration agreement in relation to entire subject matter of suit - Except principle agreement none of agreements contained any arbitration clause even if they relate to same property - More so, substantive reliefs claimed in the suits fall outside the arbitration..........
