BIHAR STATE BACKWARD CLASSES FINANCE AND DEVELOPMENT CORPORATION Vs. NATIONAL BACKWARD CLASSES FINANCE AND DEVELOPMENT CORPN.

JUDGEMENT

(1.) The petitioner -Bihar State Backward Classes Finance and Development Corporation assails an arbitral Award dtd. 18/11/2019, passed apparently upon consent of the parties.

(2.) The petitioner had taken financial assistance from respondent No. 1 -National Backward Classes Finance and Development Corporation, under a General Loan Agreement dtd. 20/3/1993 ["the Agreement"]. Upon the petitioner's inability to repay the amount, arbitral proceedings were instituted by respondent No. 1, in terms of an arbitration clause contained in the Agreement.

(3.) The learned Arbitrator has passed the impugned Award on consent, in terms of a One Time Settlement ["OTS"] proposal given by respondent No.1 on 30/1/2019, relying upon a resolution of the petitioner's Board of Directors, dtd. 15/11/2019.