Mr. Amit Rawal, J. - (1.) CM No.25699-CII of 2014 in FAO No.5988 of 2012 & CM No.25671-CII of 2014 in FAO No.6395 of 2012 Prayer in the applications is for substitution of M/s Kotak Mahindra Bank Ltd. As respondent in place of M/s Citi Financial Consumer Finance India Ltd. Allowed subject to just exceptions. Applications stand disposed of. FAO Nos.5988 and 6395 of 2012 By this order, I intend to dispose of two F.A.O. Nos.5988 of 2012 and 6395 of 2012 as the common questions of law and fact are involved in both the appeals.
(2.) Appellant-loanee in FAO No.5988 of 2012 and appellant-guarantor in FAO No.6395 of 2012 are aggrieved of the dismissal of their objections filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short 1996 Act ) after return of the same by the Delhi High Court seeking setting-aside of the award dated 28.6.2010.
(3.) Ms. Pooja Chopra and Mr. Vikas Kumar, learned counsel appearing on behalf of the appellants submit that there is no compliance of provisions of sub-section (5) of Section 31 of 1996 Act. The award is silent with regard to the compliance of the statutory provisions. The objections were filed in Delhi High Court on 24.11.2010 when the copy of the award was found at the residence of the appellant on 18.11.2010. The Delhi High Court returned the objections vide order dated 2.2.2011 and thereafter the same were filed on 8.3.2011 at Patiala. The Objecting Court has failed to consider the statutory provisions of law and as well as the ratio decidendi culled out by the Hon'ble Supreme Court in State of Maharashtra and others v. M/s. Ark Builders Pvt. Ltd., AIR 2011 (SC) 1374, wherein it has been held that the limitation would not start from the date of the passing of the award but from the date of receipt of copy of the same and if the award is lacking material particulars of compliance of provisions of subsection (5) of Section 31 of 1996 Act, the limitation has to be from the date of receipt of copy of the award. All these factors have not been considered by the Objecting Court. Ms.Chopra submits that an application has been moved with regard to No Objection Certificate having been issued by the erstwhile financial institution.;