https://www.taxtmi.com/caselaws?id=186989 An arbitral award applying a price-escalation formula contrary to the express contract was treated as patently illegal and liable to be set aside under Section 34. The Court held that where escalation depends on the coal actually used, the correct base price must be that of the same grade of coal, not a different grade, and using an impermissible base price cannot be sustained as a mere matter of interpretation. Escalation for supplies made after the switch to washery grade I coal therefore had to be computed with reference to the base price of washery grade I coal, and the erroneous computation was not upheld. en-us Tue, 04 Apr 2006 00:00:00 +0530 Tue, 12 Mar 2024 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186989 An arbitral award applying a price-escalation formula contrary to the express contract was treated as patently illegal and liable to be set aside under Section 34. The Court held that where escalation depends on the coal actually used, the correct base price must be that of the same grade of coal, not a different grade, and using an impermissible base price cannot be sustained as a mere matter of interpretation. Escalation for supplies made after the switch to washery grade I coal therefore had to be computed with reference to the base price of washery grade I coal, and the erroneous computation was not upheld. Case-Laws Indian Laws Tue, 04 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186989