Justice Singh also rejected Maran’s plea against the same arbitral tribunal order denying his prayers for restitution of his 58.46% shareholding in SpiceJet and his claim for damages.
The Court said that these prayers are beyond the scope of Section 34 of the Arbitration and Conciliation Act (under which both Maran and SpiceJet had file their pleas) and therefore, the Court will not go into it.
Ultimately, Maran only pressed for setting aside of order to the extent that it allowed SpiceJet’s counter claim of ₹100 crores plus interest.
Justice Singh rejected this prayer as well.
“After consideration of the entirety of the matter this Court does not find any cogent reason to interfere in the impugned Award dated 20th July 2018 passed by the Arbitral Tribunal in the arbitration proceedings initiated between the parties before this Court. Accordingly, the instant petition is dismissed along with pending applications, if any,” the Bench ordered.
Source: Barandbench
