Indian Performing Rights Society Limited v. Next Radio Limited
Case brief
What is this about?
Two cross-petitions under Section 34 of the Arbitration and Conciliation Act, 1996 challenging an arbitral award were withdrawn on the basis of an amicable settlement between the parties. The Court directed refund of Rs. 1.5 crores deposited in court with accrued interest, leaving all other rights and contentions open.
What did the court decide?
Petitions disposed as withdrawn; Registry directed to refund Rs. 1.5 crores deposited in court with up-to-date interest to Next Radio Ltd. within three weeks.