Arbitration and Conciliation Act, 1996 – Sections 5, 31, 33, 34, 37, 43, and 48 – The Supreme Court, in a five-judge bench, addressed the critical question of whether Indian courts possess the power to modify arbitral awards under Sections 34 and 37 of the Arbitration and Conciliation Act, 1996. The judgment analyses conflicting judicial opinions and arguments for and against modification, emphasizing the Act’s intent to limit judicial intervention. It examines the scope of Section 34, severability of awards, differences between setting aside and modification, and the role of the Model Law.
The Court clarifies the contours of Section 34 and emphasizes that arbitrators possess to address computational, clerical, or typographical errors under Section 33.