NETWORTH STOCK BROKING LTD Vs. SUBHASIS PANDA

JUDGEMENT

(1.) Rule, heard forthwith.

(2.) The petitioner has invoked section 34 of the Arbitration and Conciliation Act, 1996 (for short, the Arbitration Act) basically on the ground of non-giving full opportunity to the petitioners, as contemplated under section 28 of the Arbitration Act, besides a principle of natural justice. There is no dispute on record that the learned Arbitrator on 18th November, 2008, directed as under :

(3.) Admittedly, thereafter, no meeting or hearing took place. The learned Arbitrator never called either parties and to submit their respective submissions on the basis of newly added documents which includes a letter dated 19th January, 2008 of the respondent referring to squaring off the account in question. Such a mode was never agreed or contemplated under section 28 of the Arbitration Act. No such practice or usage of the trade placed on the record. Section 18 of the Arbitration Act also contemplates that the full and equal opportunity need to be given to the parties.