M/S. AMARCHAND LALITKUMAR vs SHREE AMBICA JUTE MILLS LTD.

The Supreme Court held that the normal periodic fluctuation in the price of raw jute does not constitute an emergency under para. 11 of Chapter IX of the Working Manual of the East India Jute & Hessian Exchange. The Court clarified that an emergency must be abnormal and unforeseeable, and the mere fear of an unfavorable decision does not justify revocation of an arbitrator's authority under Section 5 of the Arbitration Act, 1940. The High Court's decision to deny the revocation application was upheld, emphasizing the need for substantial grounds for such action.