Numaligarh Refinery Ltd vs Daelim Industrial Company Ltd

The Supreme Court upheld the majority award of the Arbitral Tribunal, which granted Daelim Industrial Company Rs.29.76 crore and US $170,000 for arbitration costs, along with interest at 12% per annum from the date of the claim and 18% post-award interest if payments were delayed. The Court emphasized the binding nature of arbitration awards under the Arbitration and Conciliation Act, 1996, particularly Section 34, which limits grounds for setting aside an award. The appeals by Numaligarh Refinery Limited were dismissed, affirming the Tribunal's decision and the enforceability of the award.