LAWS(CAL)-2018-7-84

MANOHAR LAL & CO Vs. AXIS BANK LIMITED

Decided On July 19, 2018
Manohar Lal And Co Appellant
V/S
Axis Bank Limited Respondents

JUDGEMENT

(1.) The instant applications under Section 34 of The Arbitration and Conciliation Act, 1996 (the Act) are for setting aside of two Awards both dated 17th December 2016 made and published by a sole arbitrator in arbitration proceedings between the petitioner (the respondent before the learned arbitrator) and Axis Bank (the respondent herein and the claimant before the learned arbitrator).

(2.) The limited issue to be decided relates to the preliminary objection taken by the respondent Bank that the present petitions are not maintainable and should be dismissed under Section 34 (3) read with the proviso to the said section under the 1996 Act. It is the contention of the respondent Bank that the applications have been filed outside the time mandated under Section 34 (3) of the Act and that the petitioner has not taken leave of this Court for the further period of 30 days which is stated in the proviso to Clause 3 of Section 34 of the Act. By an order dated 24th August 2017, the point of limitation was kept open to be argued after exchange of affidavits.

(3.) It has been submitted by Counsel appearing for the parties that identical facts are involved in the two applications pertaining to two loan and hypothecation Agreements dated 11th May 2015 and 5th August 2015 executed between the parties and culminating in two Awards delivered by the sole Arbitrator. The two agreements were for loans taken from the respondent Bank for delivery of two Jaguar Cars against a schedule of payments to be made by the petitioner to the respondent Bank.