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ALOK ARADHE, ANANT RAMANATH HEGDE
Sumanth Reddy – Appellant
Versus
Jaganmayi Builders And Develpers Private Ltd. – Respondent
| Table of Content |
|---|
| 1. formation of the mou and security deposit acknowledged (Para 3 , 4) |
| 2. arguments against the arbitration clause's applicability (Para 5 , 10 , 11) |
| 3. obligations under mou and supplementary agreement clarified (Para 12 , 13 , 14 , 15) |
| 4. assertions regarding defaults by the appellants (Para 16 , 17 , 18) |
| 5. supreme court precedent applied to interim relief considerations (Para 19 , 20) |
| 6. court's analysis on security deposit and interest awarded (Para 28 , 29 , 30 , 31 , 32) |
| 7. timeline for furnishing security and conditions applied (Para 34 , 35) |
| 8. conclusion on the appeal and order modification (Para 38) |
JUDGMENT :
Mr. Anant Ramanath Hegde, J. - This appeal under Section 37 (1)(b) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the 'Act, 1996' for short) has been filed by the respondents in the proceeding under Section 9 of the Act. In terms of the order dated.29.10.2022 the application is allowed and the respondents are directed to furnish cash security of Rs.50.00 crores along with interest @ 18% per annum from the date of payment. The respondents have also been restrained from alienating or creating any third-party interest over petition
The sufficiency of pleadings in a petition under section 9 of the Arbitration Act and the court's power to grant interim measures to secure a claim, considering the financial condition of the party a....
The arbitral tribunal has broad powers to issue interim measures under the Arbitration and Conciliation Act, ensuring protection of claims during ongoing proceedings.
(1) There is no hard and fast rule that application made earlier in point of time must be heard before application made later in point of time.(2) Under Section 36 of Arbitration and Conciliation Act....
The court reinforced that unilateral appointment of an arbitrator violates the Arbitration and Conciliation Act, leading to invalid proceedings, hence, a new arbitrator must be appointed.
The main legal point established in the judgment is the discretion of the court to direct the petitioner to furnish security on the full arbitral award and the impact of the Arbitration and Conciliat....
The liability of the appellant to pay outstanding rent and maintenance charges was not restricted by a previous order, and the application under Section 9 of the Arbitration and Conciliation Act, 199....
The main legal point established in the judgment is the wide scope of powers of the court to grant interim measures under Section 9 of the Arbitration and Conciliation Act, 1996, and the strict compl....
The Court has plenary powers under section 9 of the Arbitration and Conciliation Act, 1996 to grant interim relief and secure the amount in dispute in arbitration.
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