PANCHUGOPAL BOSE vs BOARD OF TRUSTEES FOR PORT OF CALCUTTA

The Supreme Court held that under Sections 5, 12, and 37 of the Arbitration Act, 1940, the limitation period applies to arbitration agreements, and a delay of over 10 years in seeking arbitration renders the claim barred by limitation. The Court affirmed the High Court's decision to rescind the arbitration agreement, emphasizing that the power to revoke such agreements should be exercised cautiously and that delay defeats justice. The petitioner was found to have slept over his rights, justifying the High Court's exercise of discretion in this matter.