Supreme Court of India · 2019-10-03
ORIENTAL INSURANCE CO.LTD. vs M/S TEJPARAS ASSOCIATES
- Citation / case number
- SC 2009/9770
- Court
- Supreme Court of India
- Petitioner
- ORIENTAL INSURANCE CO.LTD.
- Respondent
- M/S TEJPARAS ASSOCIATES
- Author
- HON'BLE MR. JUSTICE A.S. BOPANNA
- Bench
- HON'BLE MRS. JUSTICE R. BANUMATHI, HON'BLE MR. JUSTICE A.S. BOPANNA, HON'BLE MR. JUSTICE HRISHIKESH ROY
Judgment text excerpt
The Supreme Court addressed the arbitration award under Section 34 of the Arbitration and Conciliation Act, 1996, concerning a fire insurance claim of Rs. 70,00,000. The Court upheld the majority award of Rs. 44,90,000 with interest, rejecting the dissenting opinion of the third arbitrator who deemed Rs. 33,80,925 as adequate. The Court emphasized the binding nature of arbitration awards and the limited grounds for interference under the Act, ultimately affirming the award and dismissing the appeal.