M/s.Tamil Nadu Newprint and v. M/s.Srikiran Biotech
Case brief
What is this about?
The High Court dismissed a petition under Section 34 of the Arbitration and Conciliation Act challenging an award that directed a refund of security deposit and earnest money. The Court held there were no grounds for interference.
What the court decided
1
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 02.07.2019
C O R A M
THE HONOURABLE MR.JUSTICE N.SATHISH KUMAR
O.P.No.650 of 2018 and A.No.2799 of 2019 M/s.Tamil Nadu Newsprint and Papers Limited, Kagithapuram, Karur – 639 136. ... Petitioner Vs. M/s.Srikiran Biotech, represented by its Managing Partner Mr.K.Srinivas, Having its office at Gopalapuram Village, Tirumalayapalem (Mandal), Khammam District, Telangana – 507 163. ... Respondent
PRAYER: The Original Petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996, to set aside the award dated 28.02.2018 passed by the Arbitrators / Respondents in respect of Work Order No.80822 directing the petitioner to refund security deposit / retention money of Rs.20,67,725/- and EMD of Rs.5,06,250/- to the respondent granted by the Arbitral Tribunal in the Award.
For Petitioner : Mr.Shivakumar For Respondent : Mr.K.Sankaran
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Issues for consideration
2 issues framed by the court
Whether grounds exist to interfere with the arbitral award directing the return of Security Deposit and EMD based on Section 34 of the Act.
Whether the Arbitrators factual findings regarding breach of contract and external factors should be re-appreciated by the Court.
Parties & counsel
- petitioner
M/s. Tamil Nadu Newsprint and Papers Limited
- respondent
M/s. Srikiran Biotech
Coram
N. Sathish Kumar
Case details
As recorded by the court registry
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