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VIDHUR BHARDWA
Vidhur Bhardwaj – Appellant
Versus
Horizon Crest India Real Estate – 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 02.07.2019 rendered by an Arbitral Tribunal comprising of three arbitrators (hereafter 'the Arbitral Tribunal').
2. The disputes between the parties, essentially, arise from the Binding Settlement Agreement dated 05.04.2016 (hereafter 'the BSA'). By the impugned award, the Arbitral Tribunal has awarded damages quantified at ?4,795,079,144/-; costs quantified at ?59,829,209/-; and interest on the awarded amounts at the rate of 8% per annum from the date of the award till the date of payment, in favour of respondent nos. 1 to 6.
3. The petitioner claims that the impugned award to the extent it makes him liable to pay the awarded amount is, ex facie, erroneous and contrary to the provisions of the BSA. It is his case that the BSA expressly provides that certain other individuals and him, shall not be personally liable for the obligations stipulated under the BSA. Therefore, in terms of the BSA, he could not be made liable for any monetary damages awarded against other corporate entities. More
The main legal point established in the judgment is the interpretation and application of Section 34(3) of the Arbitration and Conciliation Act, 1996, which governs the period of limitation for filin....
An application challenging an arbitral award under Section 34 of the Arbitration and Conciliation Act must be filed within three months of receiving the award, extendable by thirty days only if suffi....
Scanned signed copy of the award/order of the Arbitral Tribunal to the parties would be a valid delivery as envisaged under Section 31(5) of the Arbitration and Conciliation Act, 1996.
Arbitration Act Section 34(3) bars challenges to awards after 3 months + 30 days maximum; courts cannot extend further, ensuring immediate enforceability under Section 36 to minimize judicial interve....
The court upheld limitations on condonation applications under the Arbitration and Conciliation Act, emphasizing adherence to statutory timelines.
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....
The limitation period for an application under Section 34 of the Arbitration and Conciliation Act cannot be extended beyond specified timelines, maintaining strict adherence to legal provisions.
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