Supreme Court of India · 2022-01-03

I PAY CLEARING SERVICES PRIVATE LIMITED vs ICICI BANK LIMITED

Citation / case number: SC 2019/35452
Court: Supreme Court of India
Petitioner: I PAY CLEARING SERVICES PRIVATE LIMITED
Respondent: ICICI BANK LIMITED
Author: HON'BLE MR. JUSTICE R. SUBHASH REDDY
Bench: HON'BLE MR. JUSTICE HRISHIKESH ROY HON'BLE MR. JUSTICE R. SUBHASH REDDY

Judgment text excerpt

The Supreme Court upheld the arbitration award directing ICICI Bank to pay I-Pay Clearing Services Rs. 50 crores along with interest. The court found that the High Court's order to stay the award was unjustified, emphasizing the finality of arbitration awards under the Arbitration and Conciliation Act, 1996. Consequently, the appeal was allowed, reinforcing the enforceability of arbitration decisions.