MSME Award Appeal here we mean and discuss Appeal against the order, decree or Award arising out of the statutory arbitration proceeding under MSME Act. There have been challenges to this provision in courts, where the contentions were raised that this provision is not mandatory and there can be deviation by the Appellate court. Thus, the Supreme Court has made it clear that the provision of section 19 of the MSME Act is mandatory in nature..    

What is arbitration ? Arbitration meaning 

Author- admin
Date:May 27, 2022

What is arbitration? Arbitration meaning

Arbitration is a procedure under which :

=> Dispute is referred to an arbitrator or more than a single arbitrator (the number of arbitrators has to be odd in number).

=> Arbitrator conducts the proceeding of adjudication of the dispute between the parties.

=> Arbitrator passes an award.

An agreement between the parties to refer the dispute to arbitration is a must. Sometimes the court may refer disputes to arbitration. In case of commercial transactions where the supplier or service provider is Micro, Small or Medium enterprises, the matter is referred to arbitration.

In India, Arbitration proceedings are governed by the provisions of the Arbitration & Conciliation Act, 1996.

The arbitrator has the same power as that of the court, and Award passed by the arbitrator is equivalent to a decree passed by the Court. The execution proceeding of the award is also similar to that of a decree.

An arbitration proceeding is an effective alternative dispute resolution mechanism and is being popular day by day.  

=> Know about Firm’s Arbitration Law Practice