On Thursday, a Five-judge Supreme Court bench has commenced hearing on a key legal issue of Whether courts can modify arbitral awards under the provisions of Arbitration and Conciliation Act, 1996.
Apex Court's Constitution Bench comprising Chief Justice Sanjiv Khanna and Justice B R Gavai, Justice Sanjay Kumar, Justice KV Viswanathan and Justice Augustine George Masih is presently hearing Solicitor General Tushar Mehta on behalf of the Centre.
A three-Judge Bench of Apex Court headed by the CJI on 23rd January has referred the contentious issue to the larger 5-Judge Bench.
The Bench emphasized the need of clarity on the contentious issue. The matter arose titled Gayatri Balasamy v. ISG Novasoft Technologies Ltd.
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