THE STATE OF BIHAR vs BIHAR RAJYA BHUMI VIKAS BANK SAMITI BIHAR JHARKHAND

The Supreme Court addressed the interpretation of Section 34(5) of the Arbitration and Conciliation Act, 1996, determining that it is a mandatory provision requiring prior notice and an accompanying affidavit for a valid application under Section 34. The Court upheld the decision of the Patna High Court's Division Bench, which dismissed the Section 34 application due to non-compliance with the mandatory requirements, thereby establishing that failure to adhere to these conditions renders the application non est in law. The judgment clarifies the necessity of compliance with procedural requirements in arbitration proceedings.