Home Case Index All Cases Companies Law Companies Law + SC Companies Law - 1993 (4) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1993 (4) TMI 302 - SC - Companies LawWhether the High Court was justified in permitting the respondent to rescind the contract of Arbitration provided in Clause 68 of the Contract? Held that:- The case on hand is clearly and undoubtedly hopelessly barred claim as the petitioner by his conduct slept over his right for more than 10 years. Statutory arbitrations stand apart. In these circumstances it is an exceptional case and the courts below have justifiably exercised their discretionary power, and jurisdiction under ss. 5 and 12(2) (b) to permit the respondent to rescind the arbitration agreement and declared that the arbitration agreement shall cease to have effect with respect to the difference or dispute referred to in the notice of the petitioner and relieved the parties from the arbitration agreement. The Special Leave Petitions are accordingly dismissed.
|