Arbitration and Conciliation Act, 1996 – Section 34; Micro, Small and Medium Enterprises Development Act, 2006 – Section 19 – This case involves a challenge to an award passed by the Micro and Small Enterprises Facilitation Council, Chennai (Council) under Section 34 of the Arbitration and Conciliation Act, 1996. The respondent filed an application under Section 9 of the same Act, seeking a direction for the petitioner to deposit the awarded amount of Rs.34,40,997/- along with interest.
A preliminary objection was raised by the respondent regarding the maintainability of the petition under Section 34, arguing that the mandatory deposit of 75% of the awarded amount, as required by Section 19 of the Micro, Small and Medium Enterprises Development Act, 2006, was made beyond the prescribed limitation period.
The court considered various judgments, including those of the Supreme Court, Madras High Court, Kolkata High Court, and Bombay High Court, regarding the interpretation of Section 19 of the MSMED Act and its interplay with Section 34 of the Arbitration and Conciliation Act, 1996.