https://www.taxtmi.com/caselaws?id=769473 In proceedings under sections 34 and 37 of the Arbitration and Conciliation Act, a court cannot rewrite, vary or partially modify an arbitral award; it may only uphold or set aside the award within statutory limits. The Supplementary Agreement was found not to have taken effect because the stated conditions precedent were not fulfilled, and it was treated as having been entered into under economic pressure, so the Development Agreement was not novated. The finding of fundamental breach by L&T was sustained, supporting termination by PCL and rejection of the counterclaim. The Tribunal's monetary awards for damages and related compensation were set aside for want of proof and remoteness, while costs and non-monetary reliefs were maintained. en-us Mon, 21 Apr 2025 00:00:00 +0530 Sat, 26 Apr 2025 08:30:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769473 In proceedings under sections 34 and 37 of the Arbitration and Conciliation Act, a court cannot rewrite, vary or partially modify an arbitral award; it may only uphold or set aside the award within statutory limits. The Supplementary Agreement was found not to have taken effect because the stated conditions precedent were not fulfilled, and it was treated as having been entered into under economic pressure, so the Development Agreement was not novated. The finding of fundamental breach by L&T was sustained, supporting termination by PCL and rejection of the counterclaim. The Tribunal's monetary awards for damages and related compensation were set aside for want of proof and remoteness, while costs and non-monetary reliefs were maintained. Case-Laws Indian Laws Mon, 21 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769473