The Allahabad High Court has held that the compliance of Section 21 of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”) is mandatory. Thus, arbitral proceedings would only commence once.
The Supreme Court, while deciding an appeal, settled the issue of right of redemption of a mortgaged property by a borrower under the unamended Section 13 (8) of the Securitization and Reconstruction.