HARINARAYAN G. BAJAJ vs RAJESH MEGHSNI

The Supreme Court upheld the validity of the arbitration proceedings under the Arbitration and Conciliation Act, 1996, specifically addressing the appellant's challenge under Section 34 regarding the respondent's locus standi post-defaulter declaration. The Court affirmed that the transactions were completed before the declaration, thus allowing the respondent to pursue arbitration. The Court held that the appellant's failure to pay resulted in significant consequences for the respondent, and the appeal was dismissed, maintaining the arbitration award in favor of the respondent.