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HIMACHAL PRADESH HIGH COURT: COURT SHOULD DETERMINE WEATHER PRE-DEPOSIT AMOUNT IS ACTUALLY DEPOSITED BY APPELLANT S.19 MSME ACT
The Business Guardian
|June 29, 2023
The Himachal Pradesh High Court in the case M/s Pratap Industries Products Vs M/s Hindustan Construction Company Ltd observed and has directed the District Court, wherein the court stayed the execution of an arbitral award in exercise of its power as stated under Micro, Small and Medium Enterprises Development Act, 2006, MSME Act, in order to first determine whether Section 19 of the Act was complied with.
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The court stated that the said provision requires the party wherein it challenged the award to make a pre-deposit to the tune of 75% of the award.
The bench headed by Justice Joytsna Rewal Dua in the case observed and has stated that the District Court must see whether the pre-deposit amount is deposited.
Esta historia es de la edición June 29, 2023 de The Business Guardian.
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