The court extended six weeks for the petitioner to deposit 50% of an arbitral award amount, instead of the initially requested 25%, while granting additional time despite strong opposition regarding the percentage reduction.
Six weeks time granted to deposit 50% of the arbitral award amount.
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CMP.No.9192 of 2021
CMP.No.9192 of 2021 in CMP.No.7591 of 2021 in OSA.No.125 of 2021
R.SUBBIAH, J. and S.KANNAMMAL, J.
When the matter is taken up for hearing, the learned counsel for the petitioner submitted that due to Covid-19 pandemic situation, the petitioner is not in a position to deposit 50% of the arbitral award amount with proportionate interest, as per the direction issued by this Court on 28.04.2021. Hence, the learned counsel prayed this Court to reduce to deposit 25% of the arbitral award amount instead of 50% and he also seeks further time to deposit the award amount.
vehemently opposed by the learned counsel for the respondents on the ground that this court after hearing both sides only passed an order to deposit 50% of the arbitral award amount and hence, there is no need to reduce the percentage of the award amount. However, the learned counsel for the respondents has no objection for extending the time for deposit.
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CMP.No.9192 of 2021
R.SUBBIAH, J. and S.KANNAMMAL, J.
pvs
depositing 50% of the arbitral award amount.
[R.P.S., J] [S.K., J]
pvs 16.06.2021
CMP.No.9192 of 2021
in CMP.No.7591 of 2021
in OSA.No.125 of 2021
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1 issue framed by the court
Whether time should be extended for deposit of partial arbitral award amount in light of pandemic conditions.
1 provisions across 1 enactments
Petitioner
Respondents
R.SUBBIAH
S.KANNAMMAL
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
