What legal formalities are to be fulfilled for an arbitration case?

You can refer to this SEBI Master Circular which provides the procedure for arbitration in Recognized Stock Exchanges.

As per the information given by you over the phone, the arbitral award has already been passed, therefore, as per the Procedure specified in the above mentioned Circular, an Appellate Arbitration is to be constituted.

Clause 4.6 of the Circular provides for Appellate Arbitration:

i. A party aggrieved by an arbitral award may appeal to the appellate panel of arbitrators of the stock exchange against such award. 

ii. An appeal before the appellate panel of arbitrators may be filed within one month from the date of receipt of arbitral award. 

iii. The appellate panel shall consist of three arbitrators who shall be different from the ones who passed the arbitral award appealed against. 

iv. The stock exchange shall ensure that the process of appointment of appellate panel of arbitrators is completed within 30 days from the date of receipt of application for appellate arbitration. 

v. The appeal shall be disposed of within three months from the date of appointment of appellate panel of such appeal by way of issue of an appellate arbitral award. 

vi. The Managing Director/ Executive Director of the stock exchange may for sufficient cause extend the time for issue of appellate arbitral award by not more than two months on a case to case basis after recording the reasons for the same. 

vii. A party aggrieved by the appellate arbitral award may file an application to the Court of competent jurisdiction in accordance with Section 34 of the Arbitration and Conciliation Act, 1996.