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SHEKHAR B. SARAF
Union of India – Appellant
Versus
Premco-GPT JV – Respondent
JUDGMENT :
Shekhar B. Saraf, J.
1. The instant application by the petitioner Union of India (hereinafter referred to as the ‘award debtor’) under Section 34 of the Arbitration & Conciliation Act, 1996 (hereinafter referred to as ‘the Act’) arises out of an arbitral award dated June 18, 2021 passed by the Arbitral Tribunal of Mr. Arunendra Kumar, Mr. Shahzad Shah and Mr. Mahesh Gupta (hereinafter referred to as the ‘impugned award’). The respondent is Premco-GPT (JV).
2. The petitioner also seeks the leave of this Court to condone the delay in filing the instant application.
Facts
3. I have mapped out the factual matrix of the present application below :
Delay beyond 120 days (90+30) in Section 34 petitions or corresponding appeals under Section 37 of Arbitration Act not condonable via Limitation Act Section 5; negligence, inaction, lack of bonafides....
The court emphasized the peremptory language of section 34 of the Arbitration and Conciliation Act, 1996, and the requirement for sufficient cause to condone any delay in filing the application.
The Court emphasized the importance of due diligence and dispatch in exercising the right to challenge an Arbitral Award within the prescribed time, as per the provisions of the Arbitration Act.
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