Back
SANJEEV NARULA
Religare Finvest Limited – Appellant
Versus
Asian Satellite Broadcast Private Limited – Respondent
JUDGMENT
[VIA VIDEO CONFERENCING]
Sanjeev Narula, J. (Oral). - The present appeals under Section 37(2)(a) of the Arbitration and Conciliation Act, 1996 [hereinafter referred to as the 'A&C Acf'], impugned four separate orders dated 22nd October, 2020, passed by the learned Arbitrator under Section 16 of the A&C Act.
2. Since the impugned orders have identical reasoning, and all the appeals contain common grounds of challenge, the same are fit to be disposed of by way of this common order.
Brief Facts
3. A summary of the facts of the case, is as follows:
3.1. In March 2014, seven companies forming part of the Zee Group of Companies approached the Appellant viz. Religare Finvest Limited [hereinafter, "Religare"] to avail loan facilities for investment and consolidation of promoters' interest in their group companies.
3.2. Separate Loan Agreements dated, all on 15th March, 2014 [hereinafter referred to as the "Loan Agreements"] were entered into between Religare and (i) Asian Satellite Broadcast Pvt. Ltd.,[1] (ii) Konti Infrapower & Multiventures Pvt. Ltd.,[2] (iii) Wide screen Holdings Pvt. Ltd.,[3] and (iv) Edisons Infrapower & Multiventures Pvt. Ltd.[4] [hereinafter collectively referred
The insufficiency of Stamp Duty is a jurisdictional issue, and the Arbitrator has the authority to adjourn the proceedings until the Loan Agreements are properly stamped.
The enforceability of an arbitration agreement is independent of the stamping of the agreement, and objections regarding stamp duty must be resolved by the Arbitral Tribunal, not the Court.
The main legal point established in the judgment is that a document can be insufficiently stamped, not unstamped, and the appointment of an arbitrator is necessary to avoid holding up arbitration pro....
The principle of separability, clause pertaining to settlement of disputes by Arbitration contained in substantive agreement can be taken into consideration even to decide an application under Sectio....
The court established that the stamp duty on an arbitral award is to be assessed based on the provisions in effect at the time the award was signed, and that penalties for insufficient stamping canno....
Appointment of Sole Arbitrator – Any concerns of non-stamping or under stamping would not affect validity of arbitration agreement.
The main legal point established is the mandatory impounding of unstamped arbitration agreements and the delineation of the procedure to be followed in dealing with such agreements.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
