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Corporate Law : (1) This Act may be called the Arbitration and Conciliation (Amendment) Act, 2021. (2) Save as otherwise provided in this Act, it ...
The Delhi high court last week declared that the award of the sole arbitrator appointed by the International Court of Arbitration in the dispute between Fittydent International GmBH and Brawn Laboratories was enforceable in India. The award was in favour of the foreign firm, which had a licence agreement with the Indian firm for manufacture and sale of denture products.
A company cannot enter into an arbitration agreement even before it is formally registered under the Companies Act, the Supreme Court (SC) ruled in the case, Andhra Pradesh Tourism Development Corporation vs Pampa Hotels Ltd. However, the promoters of the company can enter into such an agreement if it was warranted by the terms of incorporation of the company. But the company which is yet to be born cannot sign an arbitration agreement.
Dr.M.Veerappa Moily, Minister of Law and Justice will release a paper on Proposed Amendments in Arbitration and Conciliation Act, 1996 here tomorrow. The Arbitration and Conciliation Act, 1996 deals with law relating to domestic arbitration, international commercial arbitration and enforcement of foreign arbitral awards. The objects and basis of the said Act is to speedy disposal with least court intervention.
The Supreme Court (SC) last week dismissed the appeal of Maharashtra against the order of the Bombay high court in an arbitration dispute with Hindustan Construction Company Ltd. The company was given Stage IV of the Koyna Hydro Electric Project and differences arose over the amounts due and other issues. The disputes were referred to arbitration under the Arbitration and Conciliation Act.
With a very laudable objective of speedy disposal of cases, Alternative Dispute Resolution Mechanism (ADR) is mooted. Among the modes of Alternative Dispute Resolution Mechanism, Arbitration is most discussed issue always as many agreements or contracts contain an Arbitration Clause now-a-days. The difference between Arbitration Mechanism and the adjudication through Civil Court etc. issues can be summed up as follows:
Unless there is an express bar under law and when there is an arbitration agreement either express or implied, a dispute between or among the parties can be referred to an Arbitrator or panel of Arbitrators as specifically agreed to. As everybody knows, Alternative Dispute Resolution Mechanism is mooted to reduce the burden in traditional courts and for providing a speedy relief to the parties. Arbitration and Conciliation Act, 1940 was repealed and Arbitration and Conciliation Act, 1996 was enacted with certain changes and improvements.
The Supreme Court has ruled that an arbitral tribunal has no power to direct payment of compound interest or interest on interest on the award amount from the date of the award to the date of payment. It declared in the appeal case, State of Haryana vs SL Arora & Co, that the Punjab Haryana high court was wrong in taking a contrary view.
A brief about Arbitration Mechanism: In order to reduce the delay in courts in the process of traditional adjudication mechanism, the Alternative Disposal Mechanism (ADR) was mooted. The dispute resolution through Conciliation, Arbitration and Mediation etc., is regarded as alternative mechanism to resolve the disputes between or among the parties in a defined legal relationship.
The First Respondent had filed a claim petition against the Petitioners before the arbitrator seeking a sum of over Rs.57 lakhs stated to be due under a hire-purchase agreement. The Petitioners raised a specific plea before the arbitrator that the claim petition was not maintainable as the first Petitioner had been declared a sick industrial company by the BIFR and that section 22 of SICA placed an embargo on the continuation of the arbitral proceedings against them.
