This article discusses the Supreme Court’s clarification on Section 29A(5) of the Arbitration and Conciliation Act, addressing whether an application for extending the time limit to pass an arbitral award can be filed after the expiry of the prescribed period. Learn how the court’s ruling affects arbitration timelines and tribunal mandates
Explore the concept of implied consent in arbitration proceedings under Section 29-A of the Arbitration and Conciliation Act, focusing on the recent 2024 Madras High Court judgment in Ayyasamy vs. Shanmugavel. Understand the implications of continuing arbitration beyond the 12-month statutory limit.
Explore the power of arbitrator’s power to grant interest on interest in awards. This article delves into the legal interpretations under the Arbitration Act 1940, Civil Procedure Code, and the Arbitration Act 1996, providing insights on when and how arbitrators can award compound interest and interest on interest.
The Supreme Court in SBI General Insurance Co. Ltd. vs. Krish Spinning (2024) held that arbitration can be invoked even after a full and final settlement if allegations like coercion or economic duress are present. The Court reaffirmed minimal judicial intervention in Section 11 petitions under the Arbitration Act, limiting courts to verifying the existence of an arbitration agreement without delving into merits, in line with the Competence-Competence principle.
