KRISHNA CONSTRUCTION CO Vs. DELHI DEVELOPMENT AUTHORITY

JUDGEMENT

(1.) . Admittedly one of the Clauses of the agreement between the parties namely clause 25 provided that subject to the provisions of the Arbitration Act, 1940 or any statutory modification or re-enactment thereof and the rules made thereunder and for the time being in force shall apply to the arbitration proceedings under this clauee.

(2.) . The old Act of 1940 was repealed and substituted by the Arbitration and Conciliation Act of 1996. The new Act came into force on 25.1.1996. Admittedly arbitration proceedings took place under the old Act of 1940 but the award was made after the enforcement of new Act of 1996. It was made and published on 10.5.1996.

(3.) . Under the old Act the award was liable to be set aside under the provisions of Sections 30 & 33 of the Act. After being noticed, an aggrieved party was required to file objections challenging the award within thirty days. Under the new Act, award can be challenged under the provisions of Section 34 of the Act. The objections for setting aside the award are required to be filed within three months of making of the award. Under the old Act unless and until award is made rule of the court it did not attain the status of a decree whereas under the new Act the award is executable as a decree unless it is challenged under Section 34 of the Act and is set aside.