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DELHI HIGH COURT
SANJEEV NARULA
Canara Bank – Appellant
Versus
State Trading Corporation of India Ltd. – Respondent
| Table of Content |
|---|
| 1. description of the arbitration process and parties involved. (Para 1 , 2 , 3 , 4) |
| 2. arguments presented by canara bank regarding the arbitral award and interest. (Para 5 , 6 , 7 , 8) |
| 3. court's evaluation of privity of contract between canara bank and stc. (Para 9 , 10 , 11) |
| 4. analysis of canara bank's entitlement to claim interest. (Para 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20) |
| 5. court's perspectives on liability for claims of interest. (Para 21 , 22 , 23 , 24 , 25 , 26 , 27) |
| 6. conclusion on the arbitral tribunal's award and directions for further proceedings. (Para 28 , 29 , 30) |
JUDGMENT
[VIA HYBRID MODE]
Sanjeev Narula, J. (Oral)
I.A. No. 14363/2021 (filed by the Petitioner u/S. 34(4) & (5) of the Arbitration and Conciliation Act, 1996 [hereinafter, the `Act'] seeking adjournment of the instant proceedings to give Tribunal an opportunity to resume proceedings and eliminate the ground for setting aside the award)
1. At the outset, the instant application is not maintainable, having been filed at the instance of the party that is itself challenging the award. On this issue, this Court has already taken a view in ONGC Petro Additions Limited v. Tecnimont S.P.A
The court emphasized the importance of the arbitral tribunal providing reasons for its decisions, especially regarding unadjudicated claims for interest arising from wrongful invocation of guarantees....
Interim measures under Section 9 of the Arbitration and Conciliation Act require establishing a prima facie case, balance of convenience, and irreparable loss; court granted interim protection by ret....
The court's decision emphasized the principles guiding the grant of interim measures under Section 9 of the arbitration and Conciliation act, 1996, and the importance of establishing a prima facie ca....
Wrongful encashment of a bank guarantee can be claimed as restitution rather than strictly under damages, highlighting the sufficiency of entitlement rather than extensive evidence. This determinatio....
The court affirmed that a performance security cannot be withheld post-acknowledgment of contract performance, and interim relief must balance equities in arbitration under Section 17 of the Act.
Court affirmed the importance of maintaining a bank guarantee during pending arbitration proceedings while allowing parties to explore their legal remedies regarding claims.
An arbitral award can be set aside if it is found to be patently illegal or if there are errors apparent on the face of the award.
The main legal point established in the judgment is that a bank guarantee cannot be invoked in the absence of default on the part of the respondent company, and the interim relief is not maintainable....
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