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Section 4 of Arbitration Act. Award set aside. How to claim my money?
28-Jul-2023 (In Arbitration Law)
I had filed a petition under section 34 of the Arbitration & concilation Act 1996 to set aside an Award and pay the money to me with 24% interest.(The Award was which was favouring the ow the judgement has come setting Asside the Award. Now what action should I take to get tne money?
Your question is not clear and has a lot of typos. Was the arbitral award against you and you were directed to pay the other side? Did the section 34 get admitted in court? Has any order been passed in that case? The court will either uphold the award or dismiss in part or whole. If the section 34 order is also against you, you have the option of filing an appeal. However, at such appellate stage, you will have to deposit the amount in court and the other side may get the option to withdraw it upon submitting a Bank Guarantee. Please contact a lawyer before the limitation period for your case runs out.
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Adv. Dhruv Suri
Delhi | 100+ Answers
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If the order gives you a right to recover money from the other party, the remedy is of filing an Execution Petition before the court which passed the S. 34 order. As per S. 36 of the Arbitration Act the order is deemed to be a decree of the said Court and executable.
Offcourse it is subject to an appeal filed by the other party under S. 37 as the case may be.
Offcourse it is subject to an appeal filed by the other party under S. 37 as the case may be.
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Adv. Vanshdeep Dalmia
Delhi | 100+ Answers
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Arbitration Award is to be examined to see what merits your claim has got along with other documents forming the basis of your claim. We can institute a separate claim seeking your money. In case the award grants your money as well then execution of that part of the award be sought.
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Adv. Ashima Puri
Delhi | 25+ Answers
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