UNION OF INDIA vs SARASWAT TRADING AGENCY .

The Supreme Court upheld the arbitration award in favor of the respondent, affirming the decision of the Calcutta High Court's Division Bench which restored the award on all three issues. The Court noted that the arbitration proceedings were conducted under the Arbitration and Conciliation Act, 1996, specifically referencing Section 34 regarding the challenge to the award. The Court emphasized the importance of upholding arbitration awards unless there are substantial grounds for interference, thereby reinforcing the principle of finality in arbitration.