Real Industrial Trade Associates v. Saraswat Co.Op. Bank Limited
Case brief
What is this about?
S.34 Arbitration Act 1996 challenge to arbitral award DISMISSED. Bombay HC (OOCJ), Arbitration Petition No.64 of 2024 (with Interim Application No.30182 of 2024), decided 23 December 2025 by Sandeep V. Marne, J. Petitioner: M/s. Real Industrial Trade Associates (Kevin Chettiar); Respondent No.1: The Saraswat Co-operative Bank Limited (C.M. Jadhav i/b M/s. SC Legal). Impugned award dated 29 March 2023 by the sole Arbitrator allowed the Bank's claim of Rs.2,00,970.90 with interest at Rs.14.75% per annum from 6 December 2022 till realization plus costs. Held: (1) membership plea rebutted by share certificate on record; (2) notices of arbitral proceedings sent to known address returned unclaimed, and statement-of-claim service admitted in Petition para 3(h); (3) admitted overdraft facility means a bare interest dispute cannot annul the award absent showing the rate contrary to loan agreement stipulations. Keywords: Section 34 Arbitration and Conciliation Act 1996; co-operative bank; overdraft facility; share certificate; notices returned unclaimed; interest dispute; award not interfered with; petition rejected.