Back
MANOJ KUMAR OHRI
Italian Thai Development – Appellant
Versus
National Thermal Power Corporation Ltd. – Respondent
JUDGMENT (Oral)
I.A. 18268/2023 (stay)
1. Petitioner, by way of present application filed under Section 36(3) of the Arbitration and Conciliation Act (hereafter, referred to as `A&C Act'), seeks unconditional stay of the arbitral award dated 16.03.2022 whereby it has been asked to refund a sum of Rs.1,69,43,54,488 to the respondent.
2. Facts relevant for consideration of the captioned application are that disputes arose between the parties in the context of work relating to contract for Main Civil Works Package-1: Dam, Spillway and Power Intake of Kol Dam Hydro Electric Project located in Bilaspur District. The disputes were referred to the Arbitral Tribunal resulting in passing of the impugned award.
3. The Petitioner raised a claim for Rs.3,66,34,27,582.45/- but was awarded only a sum of Rs.1,30,23,45,512/-. However, the said sum was directed to be set off against the sum of Rs.299.67 Crores paid to the petitioner by the respondent towards advance. Since the sum awarded to the petitioner is less than the advance in its possession, the Arbitral Tribunal directed refund of the excess advance of Rs.1,69,43,54,488/- by the petitioner to the respondent. The petitioner has challenged the s
The court's decision emphasized that no case was made out for unconditional stay against the enforcement of the arbitral award.
Arbitration Award – Execution - By virtue of the provisions of Section 36, since it is a money decree and the Code of Civil Procedure in Order XLI Rule 1(3) mandates imposition of the terms and condi....
The power to grant unconditional stay of an arbitral award is not unfettered and is subject to conditions, including the condition of securing the award by deposit in Court.
The court emphasized the need for a prima facie case of fraud or corruption to grant an unconditional stay to an arbitral award for payment of money, and highlighted the importance of following the p....
The court emphasizes the need for real and sufficient security to cover the entirety of the arbitral award value when considering a stay of the award under Section 36 of the 1996 Act.
An arbitrator's reliance on an unproven valuation report constitutes a patent illegality, and parties must be afforded a fair opportunity to respond to claims and counterclaims in arbitration proceed....
An unconditional stay of an arbitral award is impermissible unless specific statutory conditions under Section 36(3) of the Arbitration Act are fulfilled.
Automatic suspension of execution of the award, the moment an application challenging the said award is filed under section 34 of Act leaving no discretion in court to put parties on terms, in court ....
Court emphasizes equity in execution of arbitral awards under challenge, mandating expedited resolution of related petitions while staying execution proceedings.
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
