Re: msmed act
shyam ji srivastava
(Querist) 25 April 2015
This query is : Resolved
Dear Members
Award passed by MSMED Facilitation Council against which under section 34 of Arbitration Act is pending.
My query is
(a)whether during pendency of section 34 Arbitration Act WRIT may be entertained?
(b) Decree holder submitted an application for release of 75% deposited amount under section 19 of MSMED , Act
CAN IT BE RELEASED?
SHYAM
T. Kalaiselvan, Advocate
(Expert) 02 May 2015
If a writ has been filed and it has come to the knowledge, the respondent may file the evidences of an appeal pending u/s 34 of the Arbitration and conciliation act for setting aside the award based by the arbitrator, the writ may be dismissed. The decree holder cannot be entertained to seek the amount in deposit during pendency of the appeal. Fight it out strongly.
shyam ji srivastava
(Querist) 02 May 2015
Dear Advocate T. Kalaiselvam
Thanks for reply but Section 19 of msmed act says that court may release deposited amount.
Do you have any citation which help me to oppose the release of amount.
Regards
Shyam Ji Srivastava
Senior Advocate
Kanpur
9839028040
Saurendra Rautray
(Expert) 23 May 2015
Dear Sir,
Its the discretion of the court to release the amount and which may be released in part or full. The only opposition you can make is that there is likelihood that section 34 would be allowed ad the award be set aside and in that case if the amount be released then it would be difficult to recover it back and incase if the judge is not allowing your prayer then you must press for guarantee like bank guarantee for the amount to be released.
Regards
Saurendra Rautray
Rautray& Co
(New Delhi)
www.rautray.com
09437008255
shyam ji srivastava
(Querist) 24 May 2015
Dear Rautray
Thanks for advise. I m in search of some citation on the subject matter but could not get.
Regards
Shyam Ji Srivastava
Senior Advocate
Kanpur
09839028040
Saurendra Rautray
(Expert) 24 May 2015
Dear Shyam Ji,
When it comes to release of an award amount in part then it is the discretion of the court which shall apply along with some conditions that can be applied by the executing court and if the court denies such application then it would be done as per the facts and circumstance of a particular case and hence citation is difficult to get on this subject.
Regards
