Very sorry state of affairs: SC over delay in execution of arbitral awards ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 30
The Supreme Court has expressed concern over delay in execution of arbitral awards, calling it "a very sorry state of affairs". A bench of Justices M R Shah and B V Nagarathna made the observation while hearing a case in which the arbitral award passed in 1992 remained pending for execution despite passage of more than 30 years. The apex court said this case is a glaring example of frustrating the arbitration proceedings under the Arbitration Act. It noted that the award has been passed in the year 1992 and the execution petition is of the year 2003, which is still reported to be pending. "It is very unfortunate that even after a period of 30 years, the party in whose favour the award is pas

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