ELDER FINANCIAL Vs. PASUPATI FABRICS LTD

JUDGEMENT

(1.) Present petition has been filed under Section 34 of Arbitration and Conciliation Act, 1996 (hereinafter referred to as "Act, 1996") challenging the arbitral Award dated 10th February, 2003 passed by the Sole Arbitrator, Mr. Justice P.K. Bahri (Retd.)

(2.) Ms. Suresh Kumari, learned counsel for petitioner-objector submits that there was no concluded Underwriters' Agreement executed between petitioner-objector and respondent-claimant.

(3.) Ms. Suresh Kumari further submits that the Arbitrator had no jurisdiction to decide the disputes between the parties as in accordance with the arbitration clause contained in the Underwriters' Agreement, disputes were to be adjudicated by an arbitration committee constituted by the Regional Stock Exchange. She points out that as the said committee had refused to act as the arbitrator, the only option available to respondent-claimant was to file a civil suit.