Bombay High Court upheld the Rs.538 crore arbitration award in favour of Kochi Tuskers Kerala, rejecting BCCI’s challenge. The Court said, “It cannot act as an appellate body regarding the conclusions made by the arbitrator.”
Speaking at the LCIA International Arbitration Symposium in London, CJI B R Gavai said India’s role in global arbitration has evolved remarkably. “India has moved from ‘interventionist uncle’ to ‘supportive elder cousin’ in the global arbitration family,” he said, highlighting judicial maturity and restraint.
The Supreme Court will form a Constitution Bench to examine the authority of courts to modify arbitral awards. A bench led by Chief Justice of India Sanjiv Khanna, along with Justices Sanjay Kumar and KV Viswanathan, referred the matter to a five-judge bench on Thursday. The decision highlights the importance of clarifying judicial powers in arbitration cases.
Solicitor General Tushar Mehta highlighted the significance of the rule of law in Indian arbitration during the London International Disputes Week. He emphasized the robust framework of the Arbitration Act and the availability of constitutional remedies for rights violations. The discussion also featured insights on the newly established Arbitration Bar of India, aiming to integrate international best practices into Indian arbitration.
Chief Justice D.Y. Chandrachud highlights arbitration as the preferred method for resolving commercial disputes, emphasizing its efficiency over courts burdened with millions of cases. He advocates for a balanced approach, where courts intervene when necessary to prevent injustice. The UK Supreme Court event symbolizes respect and solidarity between judiciaries. Chandrachud calls for a culture of commercial arbitration in India.