TaxTMI 
TaxTMI 
2016 (3) TMI 1462
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....(b) of the Arbitration and Conciliation Act, 1996 ('the Act' for short) is directed against an order dated 29.08.2015 passed by the Court of the Principal District Judge, Dharwad, in Arbitration Suit No. 1/2015. The appellant herein was the plaintiff before the trial Court in the aforesaid suit. The aforesaid suit (Application) was filed under Section 34 of the Act against an arbitral award dtd. 06.01.2014. By the impugned order, the arbitral award dated 06.01.2014 has been set aside and the matter is remitted to the arbitral tribunal for reconsideration with a direction to the appellant herein to restore the Bank guarantee. The impugned order was passed by the Court on the application (I.A. No. 2) filed by the respondent-South West....
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....pugned order does not warrant interference. 6. To examine the contention urged by the learned Senior Counsel for the appellant, it is relevant to extract Section 34 of the Act: "34. Application for setting aside arbitral award.--(1) Recourse to a Court against an arbitral award may be made only by an application for setting aside such award in accordance with sub-section (2) and subsection(3). (2) An arbitral award may be set aside by the Court only if- (a) the party making the application furnishes proof that- (i) a party was under some incapacity, or (ii) the arbitration agreement is not valid under the law to which the parties have subjected it or, failing any indication thereon, under the law for the time being in force; or ....
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....plication for setting aside may not be made after three months have elapsed from the date on which the party making that application had received the arbitral award or, if a request had been made under section 33, from the date on which that request had been disposed of by the arbitral tribunal: Provided that if the Court is satisfied that the applicant was prevented by sufficient cause from making the application within the said period of three months it may entertain the application within a further period of thirty days, but not thereafter. (4) On receipt of an application under sub-section (1), the Court may, where it is appropriate and it is so requested by a party, adjourn the proceedings for a period of time determined by it in or....