Bombay High Court Partially Sets Aside Arbitral Award in Sponsorship Dispute — Holds Arbitrator Exceeded Jurisdiction by Awarding Interest Without Agreement and Rejecting Counterclaim Without Proper Consideration. The court found that the arbitrator's award of interest at 18% per annum was contrary to the Deal Memo which provided for interest at 18% per annum only after 30 days of default, and that the rejection of the counterclaim for damages due to alleged breach of exclusivity was not supported by reasons.
17 Dec 2014The petitioner, Rashmi Housing Private Limited, filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an arbitr...
