LALIT KUMAR Vs. INDIABULLS SECURITIES LTD.

JUDGEMENT

(1.) This first appeal has been filed under Section 37 of the Arbitration & Conciliation Act, 1996 (hereinafter referred to as 'the Act') challenging the impugned order dated 25.2.2016 of the court below dismissing the objections filed by the present appellant under Section 34 of the Act as barred by limitation.

(2.) The facts of the case are that the present appellant was a customer of the respondent No. 1/broking firm. Since the disputes and differences arose between the parties with respect to transactions entered into, and which were denied by the present appellant, the appellant invoked arbitration proceedings under the aegis of the National Stock Exchange. Arbitration proceedings culminated in passing of the Award dated 29.6.2013 whereby the Arbitrator Sh. S.S. Agarwal passed his Award dated 29.6.2013 awarding a sum of Rs.6,34,579.23/- to the respondent No. 1 in the counter claim filed by the respondent No. 1 in the arbitration proceedings and the claim petition of the present appellant was dismissed as being not substantiated. The Award dated 29.6.2013 was admittedly posted by the Arbitration Tribunal to the parties along with the covering letter dated 12.7.2013 and there is no dispute that the present appellant would have received the same by 14th or 15th July, 2013.

(3.) In law the limitation period of 90 days for filing objections to the Award therefore begins from 14th or 15th July, 2013 with the further fact that there can be condonation of delay of 30 days after 90 days in filing of the objections i.e objections can be filed under Section 34 to the Award within 120 days. After a period of 120 days, there cannot be condonation of delay in view of the judgment of the Supreme Court in the case of Union of India v. M/s Popular Construction Co. (2001) 8 SCC 470. I also note that though delay cannot be condoned beyond a period of 120 days, however, Supreme Court has held in the judgment in the case of Consolidated Engineering Enterprises v. Principal Secretary, Irrigation Department and Others (2008) 7 SCC 169 that the provision of Section 14 of the Limitation Act, 1963 will apply for the benefit of the person who has filed objections in case the objections are filed in a Court which does not have jurisdiction to try the objections.