SREI EQUIPMENT FINANCE LIMITED Vs. MARG LIMITED

JUDGEMENT

(1.) This is an application made on behalf of an award-debtor for dismissal of the execution application filed by the award-holder under Section 36 of The Arbitration and Conciliation Act, 1996 (the Act). The Award, which forms the subject-matter of the execution application, is dated 31st August, 2020. By the said Award, the award-debtor was directed to pay a substantial sum of money to the award-holder.

(2.) The point as argued by learned counsel appearing for the parties on the maintainability of the application is being addressed in this order since that would have a bearing on the execution proceedings as well. The argument on the maintainability, urged on behalf of the applicant/judgment-debtor consists of two points: first that the time to execute the Award has not commenced and second, that this Court does not have jurisdiction to entertain the execution proceedings since the award-debtor is based in Chennai and the assets are located outside the jurisdiction of this Court. The second point is not being gone into since the first point with regard to the time from which the execution could have commenced is sufficient in deciding the maintainability of the execution proceedings.

(3.) Learned counsel appearing for the applicant relies on the orders passed by the Supreme Court by which periods of limitation under the general and special laws were extended in view of the pandemic. According to counsel, since the periods of limitation have been thus extended by the Supreme Court, the time to file an application for setting aside of the Award has not ended.