AUTOMATIC,STAY,ENFORCEMENT,rec law NO AUTOMATIC STAY OF ENFORCEMENT


Bankruptcy is a situation, wherein an individual is termed as unable to discharge all the debts. When a person or a company is not able to pay off its creditors, it has an obligation to file a bankruptcy suit. In fact, a bankruptcy suit is a When you work with an attorney, you will have no problem reducing the risks associated with getting your case in front of a judge and jury, or other formal court, when you need to. However, every case is different. It is important to work wi


In a recent judgment dated 14th June 2016 the High Court of Bombay in a well-reasoned judgement held that the amended Arbitration & Conciliation Act, 1996 which came into effect on 23rd October 2015 is applicable in the enforcement proceedings of arbitral awards even for the arbitrations started before the above said cutoff date. As per the un-amended Arbitration & Conciliation Act, 1996, if any party challenges an arbitration award under Section 34 of the act, there is an automatic stay on the enforcement proceedings initiated by the successful party, till the disposal of the challenge by the appropriate court. The above said judgement has taken away the automatic stay procedure, by holding that the amended Section 36 of the Act is in curative nature as per the observations made by the Supreme Court of India in NALCO case and hence applicable to all pending cases.FACTS OF THE CASE: The Board of Control for Cricket in India (BCCI) lost two arbitration proceedings filed by M/S Rendezvous Sports World (RSW) and Kochi Cricket Pvt. Ltd (KCPL) and awards dated 22.06.2015 were pronounced. On 16th September 2015, BCCI challenged both the above said arbitration awards by filing applications under Section 34 of the act. In the meantime, i.e., on 23rd October 2015, the Ordinance 2015 was promulgated by the President of India. Later both the houses of Parliament of India passed the said amendment act and the amended provisions came into effect from 23rd October 2015. The successful parties to the arbitration proceedings filed execution applications seeking to enforce the above said two awards. BCCI filed chamber summonses in the High Court of Bombay seeking dismissal of the above said applications for execution of arbitral award because the same are misconceived and not maintainable.CONTENTIONS OF THE PARTIES: The main contention of BCCI was that the above said amending act of 2015 is prospective in nature and can be applied to the arbitration proceedings or related cases, only if the arbitration had been initiated on or before 23rd October 2015. But the parties which filed the enforcement application contented that the amendment is retrospective in nature and since it is a curative provision, it comes into force for the post arbitration proceedings with immediate effect. The High Court even though held that the amending Act and its provisions are prospective in nature but the amended Section 36 being curative in nature, is applicable to all pending proceedings.Conclusion: As per the above said Judgment of the High Court of Bombay, in all the pending S.34 applications, challenging parties must file an application under S.36 of the amended Act and seek stay of the enforcement proceedings. If either the application is not filed or application is dismissed the enforcement can go on. http://www.lawsenate.com/

AUTOMATIC,STAY,ENFORCEMENT,rec

law

Everything You Need to Know About Employment Lawyers in Los

By and large, the employment law in the US is state-specific, which means hiring a lawyer specializing in the domain must be well-versed about the rules and regulations relating to employment in the state is vital. On the other hand, the leg ...

law

Can Your Ex-Husband Claim Custody If You Are Remarried?

Family Lawyers of Dubai herein wishes to address this reoccurring issue of custody of the child or children, should the mother re-marries following UAE Shariah Law.The very concern of this article is to understand the circumstances where th ...

law

A Will Lawyer Can Make Sure Your Will Is Legally Binding

A last will and testament is a legally enforceable document by which the creator of the will, also known as the testator, expresses their wishes as to how their property is to be distributed after death.They also assign a person to manage th ...

law

Estate Planning Tools a Living Trust In Michigan

There are various options for estate planning. One of them is the living trust.A living trust or "revocable" trust is a legal document through which your assets are placed into a trust during your lifetime. Upon your death, your assets in th ...

law

How Much Do You Know About Living Trust Michigan?

A living trust in Michigan is a very popular estate planning tool which allows you to easily pass your assets to your heirs privately by avoiding probate court. This differs from a will because a last will and testament requires probate cour ...

law

Are you aware of New Electronic Arrests In UAE?

The concerned Law is in line with the new Penal Code of UAE (Federal Decree-Law number 17 of 2018 amending Federal Law number 35 of 1992) allowing for confinement of accused in a specific area that is either his place of residence or other s ...

law

Dont Miss Out New Electronic Insurance Policies In UAE!

Bearing in mind, the electronic insurances, Insurance Authority along with UAE Government, issued a draft for Electronic Insurance regulations (the Draft Law) in early in this year. The intention behind the issuance of this Law was to govern ...

law

'Long live Nirbhaya', 'Bharat Mata ki Jai'! Slogans chanted

At 3:30 AM when the convicts were woken up, they finally came to grips with the reality of their awaiting death.As the clock struck 5.30 AM on Friday, the crowd assembled outside the Tihar Jail burst into celebration and even distributed swe ...

law

Nirbhaya's Mother On March 20 Death Warrant For Rapists

Nirbhaya assault and murder case A 23-year-old paramedic understudy Nirbhaya was assaulted inside a showing transport to six people on December 16, 2012, in Delhi. The unfortunate casualty was seriously attacked and tossed out and about alo ...

law

What To Look

Have you ever been injured due to someone else's carelessness? Have you lost a loved one due to somebody's reckless driving? The pain in such situations can be excruciating enough to break you. But this is just the time you need to be strong ...

law

The Constitution of the United States

The constitution delegates enumerated powers to the national government. For instance, Article one of the United States Constitution spells out 27 powers to Congress. Section 8 of this article provides Congress with among others, the power t ...

law

Chapter 7 Bankruptcy Lawyer: All You Need About Its Process

In legal terms, chapter 7-bankruptcy is extensively acknowledged as a liquidation method bankruptcy process. According to the rule, in chapter 7-bankruptcy, the court authorized trustee has the right to liquidate or sell a considerable porti ...

law

What You Should Know About Freelancing In Dubai?

It also reduces the cost for big companies to hire freelancer rather than employing the specialist. Nevertheless, Top Lawyers of Dubai have witnessed the hesitance in opting for freelancing in Dubai regardless of numerous attractions. Accor ...