Ashis Kumar Chakraborty, J. - (1.) In this application under Section 34 of the Arbitration & Conciliation Act, 1996 (in short 'the Act of 1996') the petitioner has prayed for setting aside of the award dated September 25, 2017 passed against it, in case no.164 of 2010 by the West Bengal State Micro Small Enterprises Facilitation Council (hereinafter referred to as the 'Council') constituted under Section 20 of the Micro, Small and Medium Enterprises Development Act, 2006 (hereinafter referred to as 'the Act of 2006').
(2.) In the said case no.164 of 2010 before the Council, the present respondent was the claimant and the petitioner herein was the respondent.
(3.) By the impugned award the Council directed the petitioner to pay to the respondent the principal outstanding amount of Rs.49,06,772/- plus interest thereon, at the rate of 3 times of bank rate of RBI, compounded with monthly rest under Section 16 of Chapter V of the Act of 2006. The respondent, as the supplier was directed to submit its claim to the petitioner, the buyer unit duly quantified and certified by the chartered accountant. The petitioner was directed to pay within 30 days from the date of submission of the claim by the respondent, failing which the latter would be entitled to realise the amount through the process of law.;