Section 34 of the Arbitration and Conciliation Act, 1996 [“the Act”] provides remedy to a party aggrieved by the Award passed by the Arbitrator, to seek a recourse to court for setting aside the Arbitral Award. However, the Award passed by the Arbitrator, under the scheme of the Act is sacrosanct and the courts, as… Continue reading Can Arbitral Awards be modified?
Tag: Section 34
Enforceability of No Damage Clauses in the Contract
Section 73 of the Indian Contract Act, 1872 [“the Contract Act”] embodies the settled principle of law that a party is entitled to receive compensation from the party that has breached the contract on the account of which the innocent party has suffered losses. This position of law is a driving force for the parties… Continue reading Enforceability of No Damage Clauses in the Contract
Scope of Section 34 | Arbitration
The Arbitration and Conciliation Act, 1996 [“the Act”] was enacted to provide speedy resolution of disputes to the parties with the objective of minimum judicial intervention, also enshrined in Section 5 of the Act, so as to make arbitration a more alluring alternative dispute resolution mechanism. Keeping the aforesaid objective in sight, various amendments have… Continue reading Scope of Section 34 | Arbitration