Our Senior Associate Abhinav Mathur has written an analysis of the recent Supreme Court of India’s judgment in SEAMEC Ltd. v. Oil India Ltd, published in Legiteye.
The Hon’ble Supreme Court had maintained the standard that the ambit of Section 34 of the Arbitration and Conciliation Act, 1996 is narrow and thus Court cannot sit as a court of appeal while checking the sanctity of the award. In the recent case of South East Asia Marine Engineering And Constructions Ltd. (SEAMEC Ltd.) vs Oil India Limited , Hon’ble Court, presided over by a three-Judge bench, set aside an arbitral award on the ground that the rule applied by the arbitral tribunal for interpretation of the contract was incorrect.