The Supreme Court has confirmed an arbitral award directing BPL to pay 36% annual interest with monthly compounding, ruling that parties are bound by the contract they sign. The Court said high interest in commercial deals is not “unconscionable” when agreed between equal parties.
The Delhi High Court has annulled an arbitral award against Oravel Stays (OYO) in a dispute with Zostel over a 2015 acquisition deal. The ruling highlights the necessity for formal agreements in business transactions, emphasizing that non-binding term sheets may not ensure enforceability in legal proceedings. Final order details are pending.
The Court of Appeal of the Supreme Court of Singapore set aside an arbitral award passed by a tribunal led by former Chief Justice of India, Dipak Misra. The Court found that nearly half of the award—212 out of 451 paragraphs—was copied word-for-word from two earlier arbitration awards, raising serious concerns over fairness and impartiality in the arbitration process.
