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VIBHU BAKHRU
New India Assurance Co Ltd. – Appellant
Versus
Rudraksh Laminates Private Limited – Respondent
JUDGMENT
Vibhu Bakhru, J. - The petitioner has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter the 'A&C Act') impugning an arbitral award dated 25.02.2020 passed by the Arbitral Tribunal (hereafter the 'impugned award'). The above-captioned petition is also accompanied by applications for condonation of delay in filing the petition (IA No. 9836/2020) and an application for condonation of delay in re-filing the petition (IA No. 9839/2020). By an order dated 23.10.2020, a Coordinate Bench of this Court, while issuing notice, had expressly held that before hearing the abovecaptioned petition, these applications (IA No. 9836/2020 and 9839/2020) would be heard and decided.
2. By the application, (IA No. 9836/2020), the petitioner seeks condonation of delay of one hundred and ten days in filing the above-captioned petition. However, it is averred in the said application that there is no delay in filing the above-captioned petition since the period of limitation has been extended by the Supreme Court by an order dated 23.03.2020 passed in Suo Moto Writ Petition (Civil) No. 3/2020 captioned RE: Cognizance for Extension of Limitation. The s
Adherence to time limits stipulated under the Arbitration Act and the requirement of due diligence in seeking condonation of delay.
Statutory limitation under Section 34 of the Arbitration Act is strict and cannot be relaxed without sufficient justification; defective petitions lead to being treated as non-est.
The main legal point established in the judgment is that the period of limitation under Section 34(3) of the A&C Act refers to three calendar months, and the benefit of Section 14 of the Limitation A....
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.
The main legal point established in the judgment is the significance of adhering to the prescribed limitation period under the Arbitration Act and the requirement for parties to exercise their rights....
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