Court Sets Aside Arbitral Award Due to Unilateral Appointment of Arbitrator, Contrary to Section 12(5) of Arbitration and Conciliation Act and Seventh Schedule: Delhi High Court
In a recent development under the Arbitration and Conciliation Act, 1996, the High Court of Delhi has set aside an ex parte award in the case of M/s Upper India Trading Co. Pvt. Ltd. vs. M/s Hero Fincorp Ltd. The court's decision came on 23rd February 2024 in O.M.P. (COMM) 399/2022. Case Background: M/s Upper India Trading Co. Pvt. Ltd. had sought a working capital limit from M/s Hero Fincorp…
