Newsletter/Booklets 2nd Dec 2021
This week, we bring to you our analysis of the Supreme Court’s judgment in Gujarat State Disaster Management Authority v. Aska Equipments Limited, 2021 SCC OnLine SC 917.
In an application to set aside an award under section 34 of the Arbitration and Conciliation Act, 1996 (“the Act”) read with Section 19 of the Micro, Small and Medium Enterprises Development Act, 2006, the Supreme Court determined whether the appellate court has any discretion to deviate from the requirement of pre-deposit of 75% of the awarded amount by the applicant.
The Supreme Court inter alia held that the applicant shall mandatorily pre-deposit 75% of the awarded amount before an application under Section 34 of the Act can be entertained.