RAHUL BAJAJ Vs. MANGAL KESHAV SECURITIES LTD.

JUDGEMENT

(1.) The present Appeal filed under Section 37 of the Arbitration and Conciliation Act, 1996 (for short, "the Arbitration Act"), against impugned Judgment and order dated 2 February 2005 passed by the learned Single Judge under Section 34 of the Arbitration Act and thereby, maintained the award passed by the Arbitral Tribunal of National Stock Exchange dated 13 December 2002, arising out of Rules, Bye -laws and Regulations of the National Stock Exchange (for short, "NSC Rules").

(2.) The matter was listed at the instance of Appellant withdrawal of the Appeal itself, on 25 February 2016. Respondent No.1, however, resisted/opposed even the withdrawal and therefore, sought time to file affidavit to show how the withdrawal would cause hardship and injustice to them. Respondent No.1 thereby, had taken out Notice of Motion No. 1028 of 2016. However, during the course of argument, on instructions, Respondent No.1 did not press the Motion, but opposed the withdrawal of Appeal on various grounds and made the submission with details, in support of the same opposition. It is stated that apart from the background of litigation, in view of fluctuations of the price of 11,000 shares of ARBL in the market, how Respondent No.1 would suffer great injustice and hardship, apart from financial losses to the tune of Rs.13.48 crores, though operative part of the award which was in favour of Respondent No.1, reflected the situation otherwise. The operative part of Award dated 13 December 2002, reads thus: -

(3.) In view of peculiarity of the case and how the delay in Arbitration proceedings decision would cause great injustice and hardship to Respondent No.1, as the award, at the relevant time/stage could not be executed because of pendency before the Court initially of Section 34 Application and later on because of the present Appeal arising out of the same. After hearing the parties and considering the submissions so made, we are inclined to deal with the issue of withdrawal of the Appeal and so also the resistance of the same in the background of effect of fluctuations of share prices in the share market.