A simple technique which is used to solve disputes outside the courts, in which a third party reviews the case and imposes a decision is known as Arbitration. Arbitration is very Important in today's World, or else people will fall into the case like Punjab State Power Corporation.
In this case, parties entered into a contract of Construction, Operation and Maintenance for Gurgaon Faridabad Road and Ballabgarh Sohna Road. The contract stated in its Arbitration clause that in case a dispute arises, three arbitrators will form the Arbitral Tribunal where each party will select one Arbitrator and the third Arbitrator shall be appointed as per the rules of the Indian Council of Arbitration (ICA).
The issues which caused the dispute between the parties were:
What is dispute resolution?
Solving the disagreement between two or more parties. Disputes can arise in any business form be it short term or long term. The solving process includes many ways like; Mediation, Negotiation, Arbitration and many more.
In the present case, the petitioner(s) is Punjab State Power Corporation, and the respondent(s) is EMTA Coal Ltd. & Anr. The petitioner filed a writ petition against the Arbitral Tribunal in the High Court that was passed on 08. 01. 2017. The court dismissed the petition on observing that the petition was filed only at the last minute before the conclusion of the Arbitral Tribunal.
Petition was filed under section 34 of the Arbitration and Conciliation Act, 1996 to set aside the award that was passed by the Arbitrator.
What is section 34 of the Arbitration and Conciliation act?
It is an action of recourse to a court for filing against the arbitral award. Following the action proper reasons have been stated that should be fulfilled by the person/company in action.
What was the case?
In times where time is money, PrivateCourt is a way for you to get your disputes resolved quickly and efficiently. You not only save your time but also you save yourself from the taxing public courts procedures.
How do we work ?
To understand the benefits of arbitration more effectively, let’s look at one of the recent case studies. The telecom company Vodafone and Indian Tax department.
Following is not a detailed analysis of the case however, the intent is to show the benefits that come with opting arbitration to resolve your disputes.
Arbitration is a means of solving disputes between two parties, outside the courts, In which a third party reviews the case and imposes a decision. Indian Railways is a government entity under the ministry of Railways that operates the National Railway system. Jindal Rail Infrastructure is a Delhi based company that provides rail facilities in Delhi. Sometimes these big companies of India also fall into disputes.
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