Power Of Court To Modify An Arbitral Award – A Legal Quagmire

The issue whether courts can modify arbitral awards in exercise of their powers under Sec. 34 and Sec. 37 of the Arbitration and Conciliation Act, 1996 (hereinafter 'ACA') has been a long standing issue of debate within the legal fraternity with the presence of conflicting judgments. To put quietus to this issue, a three-judge bench of the Supreme Court consisting of Chief Justice of India Sanjiv Khanna and Justices Sanjay Kumar and KV Vishwanathan has referred this matter to a five-judge...