Supreme Court of India
Shyam Sunder Agarwal v. P. Narotham Rao and Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that having issued a notice for arbitration way-back on 24.05.2007, there was no reason whatsoever to delay a Section 11 application for a period of two and a half years until December, 2009.
Judgment, page 11
From the headnote
Arbitration and Conciliation Act, 1996 – Memorandum of Understanding (MoU)/Agreement executed between the parties for sale and purchase of shares of a Company – Issue as to whether Clause 12 of the said Agreement can be stated to be an arbitration clause – Held: On reading of various clauses it is clear that two persons though, styled as Mediators/Arbitrators, are escrow agents who were appointed to keep certain vital documents in escrow, and to ensure a successful completion of the transaction contained in the MOU – The very fact that they were referred to as “Mediators/ Arbitrators” and as…
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