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MANISH PITALE
G. R. Engineering Private Limited – Appellant
Versus
Hindustan Petroleum Corporation Ltd. – Respondent
JUDGMENT :
Manish Pitale, J.
Heard learned counsel for the parties.
2. By this application, the applicant (original respondent) is seeking direction for release of the amount deposited by the petitioner in this Court pending hearing of the arbitration petition.
3. In the present case, the petitioner has filed arbitration petition under section 34 of the Arbitration and Conciliation Act, 1996, being aggrieved by award dated 2/5/2018 passed by a sole arbitrator, whereby the petitioner was directed to pay specific amount with interest to the respondent.
4. The petition is still at admission stage although more than five years have lapsed from the date of the arbitral award. It is relevant to note that the petition was taken up for hearing and disposal at admission stage. It was extensively heard but on 11/12/2018, this Court had to adjourn the hearing of the petition as it was found that the hearing may not conclude, considering that it was a day before the Court was to close for vacation.
5. Thereafter, the petition remained on the admission board of this Court. On 16/9/2021, a notice of motion filed by the petitioner for granting unconditional stay was taken up for consideration. Upon hea
The court clarified that award debtors must deposit the full awarded sum as a condition for staying enforcement, emphasizing that both public and private parties are subject to the same requirements ....
power enshrined under Section 151 of the Code can be exercised if there is no express provision contained in the Code or the Special Act.
Court emphasizes equity in execution of arbitral awards under challenge, mandating expedited resolution of related petitions while staying execution proceedings.
The court has discretion to modify security arrangements under the Arbitration Act based on changed circumstances, balancing equities between parties while allowing withdrawal of funds.
The Court held that there is no requirement for a specific statutory provision to allow an award-holder to withdraw the secured amount. Sections 35 read with section 36 of the Act make it clear that ....
The court ruled that a full deposit of the arbitral award amount is mandatory before granting a stay under Section 36 of the Arbitration and Conciliation Act, 1996.
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