Setting aside of an award under Section 34 of the Arbitration and Conciliation Act, 1996
Not everyone takes defeat in their stride. So whenever an arbitral award goes against one of the parties to the dispute, he seeks a way of setting it aside. An award can be set aside only on the grounds mentioned in the Arbitration and Conciliation Act, 1996. Earlier arbitration in India was lengthy and complex affairs. The arbitral process was also largely dependent on individual arbitrators due to a lack of formal rules and the fact. Arbitrations were also plagued with uncertainty because of various judicial decisions which expanded the scope of challenges to awards and judicial interference in the arbitral process. This uncertainty led to lengthy court proceedings arising from arbitrations and further ambiguity regarding the means by which final awards could be executed. These drawbacks hindered arbitration as an effective means of dispute resolution. Setting aside of an award under Section 34 of the Arbitration and Conciliation Act, 1996 : An award can be set...