LAWS(BOM)-1998-2-87

NATIONAL HOUSING BANK Vs. ANZ GRINDLAYS BANK PLC

Decided On February 04, 1998
NATIONAL HOUSING BANK Appellant
V/S
ANZ GRINDLAYS BANK PLC Respondents

JUDGEMENT

(1.) BY this Arbitration Petition the majority Award given by a panel of three Arbitrators is being challenged. The Petitioners are a body corporate, constituted under Section 3 of the National Housing Bank Act, 1987. The Respondents are also a body corporate under the laws of England. The Respondents have, amongst others, an office at 90, Mahatma Gandhi Road, Bombay - 400 023.

(2.) BRIEFLY stated the facts are as follows:- Between 23rd March 1992 and 20th April 1992 i.e. in less than one month 1st Respondents received 9 cheques, drawn on the Reserve Bank of India, all crossed 'A/c Payee only'. In all the cheques the 1st Respondents were the Payee. The details of the cheques are as follows:- Date Cheque No. Amount 1) 23.3.1992 212575 Rs.2,68,00,000.00 2) 23.3.1992 212576 Rs.14,10,00,000.00

(3.) ) 25.3.1992 212595 Rs.15,00,00,000.00