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YASHWANT VARMA, DHARMESH SHARMA
BPL LIMITED – Appellant
Versus
MORGAN SECURITIES & CREDITS PVT. LTD. – Respondent
ORDER :
REVIEW PET. 309/2024 (O.D. 19-07-2024)
1. The applicant/appellant M/s. BPL Limited has preferred this petition under Section 114 read with Order XLVII Rule 1 of the Code of Civil Procedure, 1908 [“CPC”] seeking review of the judgment dated 19.07.2024 passed by this Court [In FAO (OS) (COMM) No. 46/2019] whereby the appeal filed by the applicant/appellant in terms of Section 37(1)(b) of the Arbitration and Conciliation Act, 1996 [“A&C Act”] read with Section 13 of the Commercial Courts Act, 2015, was dismissed.
2. The factual background of the present matter has been elucidated in our judgment dated 19.07.2024 and the same are not being reproduced herein for the sake of brevity, which may be read as a part and parcel of the order on the instant application. However, in a nutshell, one M/s. BPL Display Device Limited [“BDDL”] had been supplying certain electronic goods to the applicant/appellant over a long period of time but since there was an issue of timely payments, both approached the respondent for extending a “bill discounting facility” to BDDL and accordingly the respondent sanctioned “bill discounting facility” vide letters dated 27.12.2002 (to the extent of Rs. 6 crore
The review jurisdiction is limited to specific grounds and cannot be used to re-litigate issues already decided.
The principle of party autonomy in commercial agreements prevails, allowing enforceability of stipulated interest rates unless proven unconscionable or lacking legitimate business purpose.
The main legal point established in the judgment is the limited scope for interference with arbitral awards under the Arbitration and Conciliation Act, 1996, and the discretion of the Arbitrator in a....
Section 31(7)(a) of Act deals with grant of pre-award interest.
An arbitral award can only be set aside under Section 34 of the Arbitration and Conciliation Act, 1996 if the appellant establishes that the award is in conflict with the public policy of India, is p....
The arbitration agreement's validity is independent of stamp duty on the substantive contract, and courts have limited grounds for interfering with arbitral awards.
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