https://www.taxtmi.com/caselaws?id=198609 An arbitral award based on repairs and maintenance reimbursement was found unsustainable where the computation used calendar years instead of the vessels' years of actual operation. The Court construed the committee reports and held that the proper benchmark was the relevant operational period, not calendar years, and that the reimbursement formula had to be applied on that basis for the extended charter period. It further noted that interference was justified because the award rested on an erroneous foundation and did not conform to the reference, and the fact that two views were possible did not save it. The award, as affirmed below, was set aside to the extent indicated. en-us Wed, 14 Nov 2007 00:00:00 +0530 Mon, 05 Feb 2018 17:55:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198609 An arbitral award based on repairs and maintenance reimbursement was found unsustainable where the computation used calendar years instead of the vessels' years of actual operation. The Court construed the committee reports and held that the proper benchmark was the relevant operational period, not calendar years, and that the reimbursement formula had to be applied on that basis for the extended charter period. It further noted that interference was justified because the award rested on an erroneous foundation and did not conform to the reference, and the fact that two views were possible did not save it. The award, as affirmed below, was set aside to the extent indicated. Case-Laws Indian Laws Wed, 14 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198609