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Delhi HC interpreted the Provisions of application of Arbitration and Conciliation Act, 2015 when Court decided the matter challenged by Ardee Infrastructure Pvt Ltd against a single judge’s decision to apply the amended sections 34 and 36 of the Arbitration Act and directing it to deposit Rs 2.7 crore failing which its petition challenging an arbitral award would be dismissed.
Court observed that “no automatic stay on an award being challenged, would not apply if they affect enforceability of an award in proceedings which commenced before the amendment came into effect on October 23, 2015.”
Court further said that the amendments in Arbitration and Conciliation Act, 2015 were introduced with retrospective effect from October 23, 2015.