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Given an indemnity bond for closing the case what should I do now
01-Mar-2023 (In Arbitration Law)
My company and Civil aviation Co-operative Society have entered a compromise petition Arbitration in the year 2009 by Arbitrator wherein I got 12 acres of land and they got 14 acres as per as per arbitration. According to consent arbitration between us I am supposed to give sites to 48 associate members if they deposit the amount which deposited in the society within 120 days (according to my conditions strictly) from the date of arbitration But nobody deposited or they came to approach me regarding this matter.What is the recourse of the case.how long the case will take for final orders.
You can enforce the arbitral award passed by the arbitral tribunal. Award shall be enforced where the arbitral proceedings are conducted i.e., territorial jurisdiction that Court only shall have the power of enforcing the award.
For enforcing award, it should attain finality of award which means that from the date of award there shall be a lapse of three months till then you can't enforce the award unless the time so specified under S.34 of the act get exhausted, then it can be enforceable as per s.36 of the act. After making an application before the respective Jurisdictional Court
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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