Arbitration Award
Querist :
Anonymous
(Querist) 17 October 2010
This query is : Resolved
Arbitration as per directions of Delhi High Court, in Arbitration Suit dated 09.04.1987, has since been completed by
Arbitral Tribunal by AWARD dated 22.07.2010 in favour of Plaintiff
against Defendant - The Oriental Insurance Co Ltd, but the same has not been executed / implemented by the PSU- Insurer - Defendant, so far, even though the AWARD suffers from some unexplained short-Awarded claims of this hapless Insured- SSI unit, having been deprived of its legitimate claims under the Insurance Contract since 1981 (30th year running);
What is the procedure to get the AWARD corrected and executed ?
Devajyoti Barman
(Expert) 17 October 2010
You can file appeal for setting aside the arbitral award. As the award is governed by the old Act, the court will be more lenient in considering the award under challenge.
Querist :
Anonymous
(Querist) 18 October 2010
Thanks; Though the mater relates to a period under Old Act, the Award has been published in 2010 and thus would it not be under the New Act ?
Instead of getting the Award set-aside, how can the claimant get the rate of Interest enhanced from 9% to 18% as also for short awarded part-claim without any cogent reason ?
