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of <h1>SC Orders Deposit Conversion to FD; Rehearing Set to Reconsider Arbitration Award Modification Under Sections 34 & 37</h1> <h3>GAYATRI BALASAMY Versus M/s. ISG NOVASOFT TECHNOLOGIES LIMITED</h3> GAYATRI BALASAMY Versus M/s. ISG NOVASOFT TECHNOLOGIES LIMITED - TMI In the Supreme Court of India, the case involves a Special Leave Petition (SLP(C) Nos. 15336-15337/2021) where the Court has issued an order regarding the amount of 50,00,000 deposited with the Registrar, High Court of Judicature at Madras. This amount will be converted into an interest-bearing Fixed Deposit (FD) for six months with an auto-renewal clause, pending further orders or the final outcome of the appeals.The case is scheduled to be re-listed on February 13, 2025, before a Constitution Bench. The primary legal issue to be addressed is the reconsideration of the precedent set in Project Director, NHAI v. M. Hakeem (2021) 9 SCC 1, concerning the Court's power to modify an arbitration award under Sections 34 and 37 of the Arbitration and Conciliation Act, 1996 ('The 1996 Act'). The Court will first hear arguments from counsel advocating for the ability to modify awards, followed by those opposing this view. The examination will include the scope of judicial power under Sections 34 and 37, the extent of any modification power, and the question of severability.Parties are instructed to submit written submissions, not exceeding three pages, and the judgments they rely upon by February 7, 2025. Counsel on both sides will share two hours to present their arguments.
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