VidhiSangh

Supreme Court of India · 22/11/2021

GYAN PRAKASH ARYA versus M/S TITAN INDUSTRIES LIMITED

[2021] 11 S.C.R. 1 · 2021 INSC 771

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Summary

The Court restored an original arbitral award and set aside a purported correction replacing its gold-valuation rate. The arbitrator had deliberately awarded the rate claimed in the statement of claim after considering the evidence. Substitution of a much higher rate altered the substantive award; it did not correct a computational or clerical error within Section 33. The courts below had wrongly upheld that modification.

Issues

  1. Whether replacing the consciously awarded gold-valuation rate with a higher market rate was permissible as a Section 33 correction.

Provisions considered

Held

Result

Appeal allowed. The High Court and City Civil Court orders and the arbitrator’s modification dated 14 January 2011 were set aside; the original award dated 4 December 2010 was restored. No costs.

Judgment PDF: Supreme Court of India, [2021] 11 S.C.R. 1.