EASTERN COALFIELDS LIMITED AND THE GENERAL MANAGER, MUGMA AREA, EASTERN COALFIELDS LTD. Vs. M/S. SATISH CONSTRUCTIONS

JUDGEMENT

(1.) LEARNED counsel for the appellants submitted that ex -parte award has been passed by the Arbitrator and this aspect of the matter has not been properly appreciated by the learned Sub -Judge I, Dhanbad, while passing the impugned order and, therefore, this arbitration appeal has been preferred under Section 37 of the Arbitration and Conciliation Act, 1996. Learned counsel for the respondent submitted that there is consistent finding of fact. In fact, the Arbitrator was appointed in presence of the learned counsel for the appellants and it was directed by this Court, while appointing the Arbitrator to decide the dispute within a period of four months from the date of entering into such Reference. The Arbitrator has decided the dispute after the third month is over. Notice was issued and it was duly served. This aspect of the matter has been properly appreciated by the learned Sub -Judge I, Dhanbad, while deciding the objection to the award under Section 34 of the Act, 1996. The award has been decided, on merit, by the trial court and, therefore, the stay granted by this Court may kindly be vacated. It is further submitted by learned counsel for the respondent that the amount, which the respondent has to receive is approximately Rs. 32,95,879/ -, which has been deposited by the appellants before the court of Sub -Judge I, Dhanbad. This amount may be permitted to be withdrawn against the security of immovable property, own by the respondent.

(2.) THE property, which is given as security will not be transferred, alienated, sold or mortgaged or no charge will be created, henceforth upon the said property, without prior permission of this Court. With these assurances, the amount may be permitted to be withdrawn, which has been deposited by the appellants. The details of the property own by the respondent worth rupees more than the aforesaid amount will be given by the respondent, on the next date of hearing. The matter is adjourned to be listed on 14th December, 2012.