RELIANCE SECURITIES LTD Vs. BADRINATH M BODHAI

JUDGEMENT

(1.) Heard finally.

(2.) Section 34 contemplates that an arbitral award shall be final and binding on the parties subject to Chapter VIII, that includes Section 36, which provides that where the time for making an application to set aside the arbitral award under Section 34 has expired, or such application having been made, it has been refused, the award shall be enforced under the Code of Civil Procedure, 1908 (CPC) in the same manner as if it were a decree of the Court. One cannot overlook the fact that even after disposal of Section 34 Petition, there is remedy of an appeal available under Section 37 of the Arbitration Act. Therefore, unless the award attains finality, there is no question of enforcement of the award which is passed by the NSE.

(3.) In this background, the present petition as filed under Section 9 for stay of operation of the award dated 18.08.2010 in question has become infructuous.