This article charts the judicial trend in respect of modification or variance of arbitral awards by courts under the Indian arbitration regime and comments on the need for legislative amendments to avoid divergent views taken by courts.
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The Court emphasised that the Arbitral Tribunal is required to render a decision having regard to the terms of the agreement. It was held that in the present case, the award of damages on account of loss of profits was contrary to the terms of the agreement and thus the Award was held to be vitiated by patent illegality
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In this conversation with BW Legal World, Raj R. Panchmatia talks about judiciary's role in promoting Arbitration as a mode of dispute resolution, challenges in enforcement of arbitral awards and much more
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