Arbitration
Tom
(Querist) 13 May 2016
This query is : Resolved
Dear Experts, Monetary award was given by High court ordered Arbitrator against an Unlisted PLC. We had to move HC because the debtor was not coming forward to arbitrate. Now,just a day before we could file for Execution,they filed AOP in District Court under section 34 to set aside the award on various hollow grounds. They also sought separately a Stay on Execution of the award till disposal of the AOP. The Stay was granted by the court with out hearing us. We are responding with a Counter to vacate the Stay and would also argue against the AOP. Relevant dates of the case:
Arbitration started: 05 July 2015.
Date of Award: 26 Oct 2015.
Date of AOP & Stay petition:25 Apr 2016.
Any relation with new amendments to 1996 Act ?
Can we seek any interim reliefs like forcing the company to deposit a part of money in court? If yes at what stage ?
We are also concerned that the Company may try to prolong the Case and meanwhile encumber their assets in advance to defeat the execution process.Can we seek any remedy for this concern ?
Ajay Bansal
(Expert) 13 May 2016
File applications in the court for relief in question of this query. The court may grant said relief to you.
Devajyoti Barman
(Expert) 13 May 2016
In monetary matters the court generally does not grant blanket stay and makes most of time condition of making some payment beofre granting of stay.
So the orders seems prima facue wrong and liable to be vacated.
Engage a good alwyer and try for vacating the stay order.
Without knowing the case history it is difficult to say whether the new amendments are applicable in your case or not.
Your case has merit.
Rajendra K Goyal
(Expert) 13 May 2016
Prey the court accordingly. Agree with the expert Ajay Bansal.
Tom
(Querist) 18 May 2016
@ Expert Ajay Bansal. Thanks Sir !
Tom
(Querist) 18 May 2016
@ Expert RK Goyal. Thanks Sir !
Tom
(Querist) 18 May 2016
@ Expert D Barman. Thanks Sir. I discussed with my Lawyer who agrees with your view and would proceed accordingly.
Now we also realise that the company does not have assets/income sufficient for a successful Execution. The company is working from rented premises and have only computer hardware as assets,as far as we know. In such case,what happens Sir ?
