CURRENT AFFAIRS

Detailed explanation-1: -(b) A sum directed to be paid by an arbitral award shall, unless the award otherwise directs, carry interest at the rate of eighteen per centum per annum from the date of the award to the date of payment.

Detailed explanation-2: -there’s no provision for appeal against an arbitrational award and it’s final and binding between the parties. However, an aggrieved party could take recourse to a law court for setting aside the arbitration award on bound grounds per Section thirty-four of the Arbitration and Conciliation Act, 1996.

Detailed explanation-3: -No second appeal lies from an order passed under section 50 of the Act. However, parties can prefer a Special Leave Petition to the Supreme Court against the order passed under section 50 of the Act under article 136 of the Constitution of India.

Detailed explanation-4: -(1) Recourse to a Court against an arbitral award may be made only by an application for setting aside such award in accordance with sub-section (2) and sub-section (3). (ii) the arbitral award is in conflict with the public policy of India. (iii) it is in conflict with the most basic notions of morality or justice.