Bombay High Court Partially Allows Challenges to Arbitral Award in Co-operative Bank Dispute — Upholds Liability of Guarantor but Sets Aside Interest Rate. The court held that the arbitrator exceeded jurisdiction by awarding interest at 24% per annum with quarterly rests, which was contrary to the contractual rate of 16.5% per annum, and that the award of costs was without reasons.
27 Jan 2017The judgment concerns two arbitration petitions filed under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an arbitral award da...
