I-Pay Clearing Services Private Limited vs ICICI Bank Limited

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2022 Supreme(SC) 2

R. SUBHASH REDDY, HRISHIKESH ROY
I-Pay Clearing Services Private Limited – Appellant
Versus
ICICI Bank Limited – Respondent

Advocates appeared:
For the Petitioner(s): Mr. Yudhveer Singh Rawal, Adv. Mr. Prithu Garg, AOR
For the Respondent(s): Mr. K. V. Vishwanathan, Sr. Adv. Mr. Sameer Parekh, AOR Mr. Sumit Goel, Adv. Ms. Sonal Gupta, Adv. Ms. Sreepama Basak, Adv. Mr. Raghav Bansal, Adv. Mr. R. Venkataraman, Adv. Mr. Chanakya Dwivedi, Adv. M/S. Parekh & Co., AOR

JUDGMENT :

R. SUBHASH REDDY, J.

1. Leave granted.

2. This appeal is filed, aggrieved by the order dated 16.07.2019 passed by the High Court of Judicature at Bombay, in Commercial Notice of Motion No. 1549 of 2019 in Commercial Arbitration Petition No. 190 of 2018.

3. In the Commercial Arbitration Petition No. 190 of 2018, filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short ‘the Act’) the respondent-ICICI Bank has challenged the award dated 13.11.2017, of the learned Sole Arbitrator. By the aforesaid award, learned Arbitrator directed the respondent-ICICI Bank as under:

(b) The respondent (ICICI Bank) is ordered and directed to pay to the claimant (I-pay) Rs. 50,000/- (Rupees Fifty Thousand) as cost on the application under Section 16 made before this Arbitral Tribunal.”

4. In the petition, filed by the respondent-ICICI Bank under Section 34(1) of the Act, it has taken ou

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2022 Supreme(SC) 2

R. SUBHASH REDDY, HRISHIKESH ROYI-Pay Clearing Services Private Limited – AppellantVersusICICI Bank Limited – Respondent

Cases Referred (4)

R. SUBHASH REDDY, HRISHIKESH ROY
I-Pay Clearing Services Private Limited – Appellant
Versus
ICICI Bank Limited – Respondent