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Arbitration Award-how to execute (Corporate Law)

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This query is : Resolved

Author : Anonymous

Posted On 28 May 2010 at 13:26

Arbitral Tribunal issuing AWARD in a matter against nationalised Insurance PSU after 29 years of tha cause of action, what is the next course of action for the suffering claimant for realising whatever has now been awarded ?
Can the short-allowed claims in Arbitral AWARD be agitated about while getting the present Award executed ? If yes, where ?


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Expert : Vineet

Posted On 29 May 2010 at 13:51

After enactment of 1996 Act, the Arbitration Award is enforceable under civil procedure code in the same manner as if it were a decree of the court after 3 months have elapsed from the date of award and no application for seting aside the said award has been made before the court.

The short- allowed claims cannot be agitated while executing the award. You can challenge the award itsel for setting aside u/s 34 of the Act but that will hold the enforcement of entire award.

Author : Anonymous

Posted On 29 May 2010 at 18:06

How much stamp duty would be payable for obtaining a copy of the AWARD ?
Our matter is in respect of 1981-82 and covered under 1940 Arbitration Act;
Does it mean that if any of the party challanges the Award, its execution would remain on hold ?
In case of no challange, has the Award to be made a rule of the Court ? How ?



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