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IN THE HIGH COURT OF JUDICATURE AT MADRAS
N.ANAND VENKATESH, J
M/S.Sugesan Transport Pvt.Ltd. – Appellant
Versus
M/S.E.C.Bose & Company Pvt. Ltd. – Respondent
| Table of Content |
|---|
| 1. facts surrounding the mou financial arrangements. (Para 3 , 11 , 12) |
| 2. petitioner's and respondent's arguments regarding breach of mou. (Para 5 , 6 , 7) |
| 3. limits of arbitrator's authority regarding corporate veil. (Para 18 , 20 , 21 , 22) |
| 4. conclusion on the authority of arbitrator and compensation. (Para 30 , 34 , 39) |
ORDER
This is a petition filed by the petitioner under Section 34 of the Arbitration and Conciliation Act, 1996 (for short, the Act) challenging the award dated 01.12.2020 passed by the learned Arbitrator.
2. Heard both.
3. The facts leading to filing of the above petition are as follows:
(i) The petitioner entered into a Memorandum of Understanding (MoU) dated 11.12.2015 with the respondent for providing financial assistance to the tune of Rs.2.50 Crores to be utilised by the respondent to meet their obligations for providing a performance bank guarantee of Rs.3.52 Crores in respect of a work order issued by the Kolkata Port Trust (KOPT). This money was agreed to be utilised as a margin money and the same would have to be returned to the petitioner within 30 days, but not later than 89 days at any cost from the date of the MoU. A promissory note was
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