India Media Services Private Limited vs Sbpl Infrastructure Limited

Headnote AI-drafted · Reviewed and approved

The petitioner, India Media Services Private Limited (IMSPL), filed an application under Section 34 of the Arbitration and Conciliation Act, 1996 seeking to set aside an Award dated October 27, 2020 passed by a Sole Arbitrator. The Award had allowed the counterclaim of the respondent, SBPL Infrastructure Limited, for specific performance of a Nomination Agreement dated December 5, 2005, directing the petitioner to execute a sale deed in respect of a property known as the Indian Express Building, Lower Tank Bund Road, Hyderabad, upon receipt of balance consideration of Rs. 14 crores.

The Arbitrator also awarded costs of Rs. 8,15,73,616/- with interest at 18% per annum from the date of the Award till actual payment under Section 31(6)(b) of the Arbitration and Conciliation Act, 1996 as it stood before the 2015 amendment. The petitioner also filed a separate application under Section 14 of the Act contending that the mandate of the Arbitrator had terminated on August 31, 2020, before the Award was published on October 27, 2020.

All connected matters, including execution proceedings filed by both parties and an application for adducing additional evidence, were heard analogously with the consent of the parties and disposed of by a common judgment.

Catchwords: Arbitration · Section 34 · setting aside award · specific performance · Nomination Agreement · mandate of arbitrator · Section 14 · execution of award · Section 9 · interim order · costs · Section 31(6)(b)

Arbitration and Conciliation Act Specific performance