Nestor Maritime SA v Sea Anchor Shipping Co Ltd – QBD (Com Ct)(Eder J) – 20 April 2012

Arbitration – Serious irregularity – Claimants contending that award was obtained by fraud – Application made more than six months out of time – Application to extend time – Whether alleged fraud could have been discovered with reasonable diligence – Whether extension of time should be granted – Arbitration Act 1996, sections 68, 73 and 80(5)

Disputes arose between the claimant sellers and the defendant buyers arising out of the sale in 2007 of an oil tanker. The buyers said that the sellers misrepresented the condition of the vessel. The sellers commenced arbitration proceedings against the buyers for a declaration of no-liability but lost.