MANIKARAN POWER LIMITED Vs. VALUEHUNT ADVISORS LLP

JUDGEMENT

(1.) This appeal, under Section 37 of the Arbitration and Conciliation Act 1996, impugns the judgment dated 5th December, 2020 of the Commercial Court - 02, Patiala House Court, New Delhi of dismissal of OMP (COMM) 60/2019 under Section 34 of the Arbitration Act, preferred by the appellant with respect to the arbitral award dated 17th December, 2018, of payment of Rs. 24,75,000/- with interest, by the appellant to the respondent.

(2.) The appeal came up before a Single Judge of this Court on 16th December, 2020, but after several adjournments, was ordered to be placed before the Commercial Appellate Division Bench, which alone under Section 13(1A) of the Commercial Courts Act, 2015 is authorised to hear the appeal. The appeal accordingly came up before a Bench comprising of one of us (Rajiv Sahai Endlaw, J.) sitting with Justice Sanjeev Narula, on 1st February, 2021 when, though notice of the appeal had not been issued till then, but the counsel for the respondent appeared on advance notice.

(3.) On 1st February, 2021, on enquiry, whether the appellant had deposited the arbitral award amount, this Court was informed that only 25% of the amount had been deposited. While listing the appeal for today for hearing on admission, the appellant was directed to deposit the entire arbitral amount awarded, in the Execution Court, and we are today informed that the entire arbitral award amount has been deposited in the Execution Court. We have heard the counsel for the appellant and the counsel for the respondent appearing on advance notice.