Delhi High Court quashed the order of Central Registrar in which the latter had ordered the apex national body of urban cooperative banks Nafcub to maintain status quo in the wake of an award reinstating Dr Mukund Abhyankar as the President by the sole arbitrator Dr G.S. Saxena.
Status quo meant continuation of Jyotindra Mehta as the President. Several cooperators connected to Nafcub smelt political interference in the decision of Central Registrar in this order and alleged that he was trying to please his political bosses in Ministry.
In the court the office of Central Registrar took the plea that it did not receive the Award dated 29.09.2016 pronounced by Dr. G.S. Saxena in the matter of Cosmos Cooperative Bank Ltd., & Another Vs. National Federation or Urban Cooperative Banks and Credit Societies Ltd. & Others.
Later it said “Counsel for the respondent No. l on instructions states that letter dated 30th September, 2016 has been clarified in another letter dated 9th November, 2016, which reads as under:-
“I am directed to refer to the above mentioned subject and to say that now this Department is in receipt of the Award dated 29.09.2016 pronounced by Dr. G.S. Saxena, Sole Arbitrator in the matter of Cosmos Cooperative Bank Ltd., & Another Vs. National Federation or Urban Cooperative Banks and Credit Societies Ltd. & Others.
In the light of this submission the Honorable High Court ruled “Therefore, the arbitral award dated 29.09.2016 passed by Sole Arbitrator shall be executed as per the provisions of ‘ Section 34 & 36 of the Arbitration and Conciliation (Amendment) Act, 2015.”
The case was in the court of the Hon Justice Sanjiv Khanna and Hon Justice Chandra Sekhar of Delhi High Court.
