PRAGYA ELECTRONICS PVT. LTD. Vs. COSMO FERRITES LTD.

JUDGEMENT

(1.) The present Appeal under Sec. 13 of the Commercial Courts Act, 2015 read with Sec. 37 of the Arbitration and Conciliation Act, 1996 [hereinafter called 'the Arbitration Act'] has been filed by the Appellant impugning the Judgment dtd. 23/6/2021 passed by the learned Single Judge in OMP (COMM.) No. 71/2019 [hereinafter called 'Impugned Judgment'], whereby the learned Single Judge has upheld the Arbitral Award dtd. 13/4/2016 [hereinafter called 'Arbitral Award'], and dismissed the Petition filed by Appellant [hereinafter called 'PRAGYA'] under Sec. 34 of the Arbitration Act.

(2.) The Respondent [hereinafter called 'CFL'] had filed a claim in the sum of Rs.2,65,54,292.00 along with interest against the PRAGYA for failure to make payment under a Distributorship Agreement between the parties. The Arbitral Tribunal passed the Arbitral Award directing PRAGYA to pay a sum of Rs.38,77,423.00 along with future interest at the rate of 12.25% per annum from 13/5/2016 till the date of payment (in case of failure by PRAGYA to pay the awarded amount to CFL within one month).

(3.) By the Impugned Judgment, the learned Single Judge upheld the Arbitral Award and dismissed the Petition under Sec. 34 of the Arbitration Act filed by PRAGYA.