The real estate sector has been grappling with the liquidity crisis over the last two years. Smaller players have had the short end of the stick—many of them face challenges with raising funds from banks and other financial institutions.
Section 5 of the Act of 1996 provides for limited intervention of the courts in the arbitral proceedings. Section
35 thereof attaches ‘finality’ to the arbitral award and, as per Section 36(1), an award holder has to wait for
a period of 3 months after the receipt of the award prior to applying for its enforcement and execution.
During the intervening period, the award may be challenged in accordance with Section 34 of the Act of
1996. The legislature has narrowed down the grounds for making a challenge to the arbitral award and the
courts will not interfere until and unless the findings made in the award fall within the scope of Section 34.
Major commodities of export which have recorded negative growth during November 2020 vis-à-vis November 2019 are petroleum products (61.05%), leather and leather manufactures (29.80%), cashew (24.90%), plastic and linoleum (23.34%), marine products (16.11%), oil seeds (15.30%), man-made yarn/fabrics/made-ups, etc (11.14%), engineering goods (8.27%), organic and inorganic chemicals (8.09%), coffee (1.27%), RMG of all textiles (1.20%).