The Gujarat High Court has issued a notice in response to a plea seeking a stay on an order that set aside an international arbitral award. The appellant, an NRI based in Oman, challenged an order from a single judge bench that overturned the award issued by a three-member tribunal.
The appellant argued that the arbitration award included Rs. 22.19 crore for fraud and an additional Rs. 84 crore for loss of profit, though a dissenting member opposed the latter. Appellant explained that the tribunal had adhered to the ICC fee scale, but the respondents had claimed the fees were too high, leading the single judge to set aside the award on grounds of alleged bias, despite agreeing with the fraud findings.
The appellant further clarified that they had even paid the respondents’ share of the fees and argued that the court should not interfere with arbitral awards unless in exceptional cases, as per Supreme Court rulings.
The High Court stated to consider the interim application for relief and also allowed the appellant to serve the notice directly on the respondent. Additionally, the bench indicated that any transfer or alienation of assets by the respondent would be subject to the outcome of the interim application.
Manbhupinder Singh Atwal v/s Neeraj Kumarpal Shah
Comentários