K MOHAN RAO Vs. SUPER DIAMOND TOOLS

JUDGEMENT

(1.) THIS appeal challenges an order of the learned Single Judge of this Court made in O. P. No. 176 of 2000 whereby an order of dismissal of the petition seeking to set aside an arbitral award, was recorded.

(2.) THE arbitral award under challenge came to be made under the following circumstances:

(3.) THE appellant/petitioner challenged the said award by filing O. P. No. 176 of 2000 on the grounds that the award is totally arbitrary, illegal and contrary to the facts and circumstances of the case; that the arbitrator proceeded on mere assumptions and presumptions and came to the conclusion without proper application of mind; that in order to decide the dispute between the parties, legal principles should be followed; that the calculation arrived at by the arbitrator while sharing the profit and the assets among the appellant and the respondents 2 and 3 are against the guidelines of standard auditing; that the award is based on incorrect reports and without appreciation of evidence on record; that under the circumstances, the award would stand ex-facie vitiated, and hence it has got to be set aside.