Verification of stamp duties and registration of arbitral awards
Divya
(Querist) 17 January 2013
This query is : Resolved
Dear Experts
“VERIFICATION OF STAMP DUTIES AND REGISTRATION OF ARBITRAL AWARDS”
I request the experts to provide me further inputs on this…
Law Commission of India has come out with a document and proposals for “Stamping and Registration of Arbitration awards under Act 1996”.. But I do not know if the proposal has been accepted or rejected. Please let me know, if any of the experts have an input on this. Below is the link of the website where the report was published.
“http://www.indiankanoon.org/doc/152875/”
Thankyou
ajay sethi
(Expert) 17 January 2013
academic query .
Raj Kumar Makkad
(Expert) 18 January 2013
There is no scope for the academic queries.
Divya
(Querist) 18 January 2013
Dear Experts
Its not a question exactly of academic query..
My basis concern is that there have been certain court rulings that state that when arbitration awards have to be enforced, then they should be appropriately stamped as per relevant Stamp Act rules....
above link what i mentioned of "law commission" which is a documentary evidence which has confusions over stamping of arbitration awards....
Since I am personally dealing with an arbitration issue in court , where awards are not stamped and they have been put into execution, hence i wanted the suggestion of experts on " what is duly stamping of arbitration awards."
Raj Kumar Makkad
(Expert) 18 January 2013
Stamps are required to be affixed as per State rules on stamping applicable in that State. Suppose a certain amount of stamp duty is to be affixed over suit for recovery and arbitrator has decided a liability of a certain amount against a party to the arbitration then the party seeking its execution is required to affix stamp duty while getting such award as court decree or at the time of getting the same executed.
Divya
(Querist) 28 January 2013
Hello Sir (Mr. Raj Kumar)
Please clarify somethng.....Here award is written on Rs. 100 stamp paper..but award holder comes to court and executes award by attaching immovable property....
Here indirectly though award directly didnt mention any partition of property but in executing court, decree holder only wants a property attached as a result of award..
Logically, award should be duly stamped as per Stamp Act (2%) and even registered..pleas reconfirm this very important query
Raj Kumar Makkad
(Expert) 28 January 2013
When a party seeks the help of the court to get the award executed by getting the property of JD attached, it is now upon the court to direct such party to affix stamp duty as per local rules as without it the award has no value in the eyes of law.
prabhakar singh
(Expert) 28 January 2013
Any award should in order to shape as effective and lawful should be properly stamped as per stamp duty provisions of the state stamp act and in case award relates to immovable property it's registration is also required.
If in your case it has not been followed ,raise an objection to that effect.
