Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
The Supreme Court held that the Arbitration Act would apply in the case, even though the appellant initially approached the Arbitration Tribunal u/s 7 of the 1983 Act after the contract was rescinded. The State government did not object to the applicability of the 1983 Act during the Section 11(6) petition under the Arbitration Act. The award amount was relatively small at Rs. 6,52,235/- with interest, and setting it aside solely on the ground of failure to invoke the 1983 Act would be unjust. The appellant had initially approached the 1983 Act before seeking arbitrator appointment. The Court exercised jurisdiction under Article 142 to ensure complete justice, setting aside the impugned judgment and restoring the Section 37 appeal to the High Court for deciding on merits.
The Supreme Court held that the Arbitration Act would apply in the case, even though the appellant initially approached the Arbitration Tribunal u/s 7 of the 1983 Act after the contract was rescinded. The State government did not object to the applicability of the 1983 Act during the Section 11(6) petition under the Arbitration Act. The award amount was relatively small at Rs. 6,52,235/- with interest, and setting it aside solely on the ground of failure to invoke the 1983 Act would be unjust. The appellant had initially approached the 1983 Act before seeking arbitrator appointment. The Court exercised jurisdiction under Article 142 to ensure complete justice, setting aside the impugned judgment and restoring the Section 37 appeal to the High Court for deciding on merits.
Note: It is a system-generated summary and is for quick reference only.