# In the matter of Marg Limited vs. SREI Equipment Finance Limited

> HC judgment dated 2024-08-20. Citation: TCN-2024-HC-00048. The case involves an application under Section 34 of the Arbitration and Conciliation Act, 1996,…

- **Court:** HC
- **Order date:** 20 Aug 2024
- **Citation:** TCN-2024-HC-00048
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/marg-limited-vs-srei-equipment-finance-limited-80b1f7a1

## Summary

### Background

The case involves an application under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an arbitral award. The petitioner's application was filed beyond the prescribed limitation period. The petitioner sought to combine the benefits of the pandemic-related extension of limitation and the moratorium period under the Insolvency and Bankruptcy Code (IBC) due to the Corporate Insolvency Resolution Process (CIRP) of the respondent. The petitioner received the impugned award on November 30, 2019, and the application under Section 34 was filed on November 16, 2023.

## Facts

The petitioner received an arbitral award on November 30, 2019. The limitation period for challenging the award under Section 34 of the Arbitration and Conciliation Act, 1996, expired on February 28, 2020, with a further discretionary period of 30 days expiring on March 30, 2020. The pandemic lockdown began on March 15, 2020. The Supreme Court granted extensions of limitation due to the pandemic, with the outer limit being February 28, 2022, and a further 90 days from March 1, 2022. The respondent company was undergoing CIRP, with a moratorium in effect from October 8, 2021, until the approval of the Resolution Plan on August 11, 2023. The petitioner filed the application under Section 34 on November 16, 2023. The petitioner argued that the pandemic relaxation and the

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## Issues and analysis

### Issue 1: Whether the application under Section 34 of the Arbitration and Conciliation Act, 1996 is barred by …

**Ratio:** Section 34(3) of the Arbitration and Conciliation Act, 1996 stipulates a three-month

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**Reasoning:** The court reasoned that the petitioner could not simultaneously claim the benefit of the

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**Interpretation:** The court interpreted Section 34(3) of the Arbitration and Conciliation Act,

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**Application:** The court applied the legal principles to the specific facts of the case,

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## Parties

- **Judges:** SABYASACHI…
- **Appellants:** LOGICAL LOGISTICS…
- **Respondents:** SREI Equipment…
- **Other parties:** Kohi…

## Timeline

- **2019-11-30 — Receipt of Arbitral…**: The petitioner received the…
- **2020-02-28 — Expiration of Initial…**: The initial three-month limitation period…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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