RInfra-DMRC: SC order settles legal principles on arbitration awards
The Supreme Court’s order last week upholding the Rs 4,600-crore arbitration award in favour of Anil Ambani’s group firm, Delhi Airport Metro Express (DAMEPL) against Delhi Metro Rail Corporation (DMRC) has set the legal standards for judicial review of arbitral awards, legal observers maintain. The judgment will help the high courts to develop and apply standards when it comes to scrutinising decisions made by arbitral tribunals.
The SC basically reiterated that there are only limited grounds available for annulment of arbitral awards.
According to Mahesh Agarwal, who appeared for DAMEPL, “The landmark judgment settles the controversy and directs enforcement of termination payment, which is payable to a concessionaire to compensate for the investment made by the private companies.
