(1.) A three-Judge Bench of this Court, vide order dtd. 20/2/2024, directed that the Special Leave Petitions in Gayatri Balasamy v. ISG Novasoft Technologies Limited,2024 SCC OnLine SC 1681 be placed before the Chief Justice of India for an appropriate order. The matter was to be examined to determine the need to refer the following questions of law to a larger Bench:
(2.) Accordingly, this Bench of five-Judges has been constituted to decide the questions referred.
(3.) The fulcrum of the legal controversy rests on the following question(s): Are Indian courts jurisdictionally empowered to modify an arbitral award? If so, to what extent? The controversy arises because the Arbitration and Conciliation Act, 1996(Hereinafter referred to as, "1996 Act") does not expressly empower courts to modify or vary an arbitral award. Sec. 34 of the 1996 Act only confers upon courts the power to set aside an award. Nevertheless, this Court, on several instances, has been compelled to modify arbitral awards, seeking to minimize protracted litigation and foster the ends of justice. In contrast, some judgments have posited that Indian courts cannot modify awards, due to the narrowly defined scope of Sec. 34. Therefore, divergent and contrasting judicial opinions exist on this question.
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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