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2001 (5) TMI 881 - SC - Companies LawWhether the award would be governed by the Act for its enforcement or whether the provisions of the old Act would apply? Held that:- Appeal allowed by way of remand. From the plain and literal reading of the said provision and the Gazette Notification, it is clear that the Act came into force on 22-8-1996. Thus the Act was brought into force with effect from 22-8-1996 vide Notification No. G.S.R. 375(E) dated 22-8-1996 published in the Gazette of India and that the Act being a continuation of the Ordnance is deemed to have been effective from 25-1-1996 when the first Ordinance came into force. Section 47 states as to what evidence the party applying for the enforcement of a foreign award should produce before the court. Section 48 states as to the conditions for enforcement of foreign awards. As per section 49, if the Court is satisfied that a foreign award is enforceable under this Chapter, the award shall be deemed to be a decree of that court and that court has to proceed further to execute the foreign award as a decree of that court. If the argument advanced on behalf of the respondent is accepted, the very purpose of the Act in regard to speedy and effective execution of foreign award will be defeated. Thus, none of the contentions urged on behalf of the respondent merit acceptance so as to uphold the impugned judgment and order. We have no hesitation or impediment in concluding that the impugned judgment and order cannot be sustained.
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