VIKESH CHUGH Vs. B LB LTD

JUDGEMENT

(1.) THIS appeal arises out of the judgment of Additional District Judge shri K. S. Mohi dated February 3, 2007 dismissing the objections filed by the appellant against the Award dated April 17, 2006 passed by the Arbitrator Shri Anil K. Chauhan. The facts relevant to the disposal of the appeal are as under :-

(2.) THE appellant was selected as Junior executive (Dealing Room) in the respondent company upon his selection he executed an employment agreement dated December 24, 2002 containing conditions of his employment. In terms of the conditions as contained in the agreement he executed a bond and an undertaking to serve the respondent for a period of at least 51/2 years including the period of probation. The terms of his employment also contained an arbitration clause which provided that in case of disputes and differences between him and the company during the course of employment or thereafter in relation to respective rights and liabilities including the effect and interpretation of terms and conditions of the letter of appointment, service bond or any other document, the same shall be referred to the sole Arbitrator appointed by the chairman of the company not below the status of executive Director/working Director/vice president of the Company or any practicing advocate of the Delhi High Court.

(3.) IT so happened that in June 2005 the appellant left the employment of the respondent. According to the appellant he was forced to resign, while as per the respondent he acted in breach of the terms of his employment. In view of the dispute having arisen between the parties, arbitration clause was invoked and Shri Anil K. Chauhan, Advocate, was appointed as the arbitrator. The respondent filed its Statement of claim before the Arbitrator and claimed a sum of Rs. 7,41,300/- along with interest @ 24%. The appellant filed written statement and thereby not only refuted the claim of the respondent but also filed counter-claim demanding a sum of Rs. 9,61,400/-from the respondent. The learned Arbitrator vide his award dated April 17, 2006 awarded a sum of Rs. 3,04,092/-to the respondent and a sum of Rs. 3000/-to the appellant. Resultantly, the appellant was directed to pay a sum of Rs. 3,01092/-to the respondent along with interest @ 9% per annum from the date of filing the statement of claim till realization.