Supreme Court Defines Narrow Scope for Modifying Arbitral Awards, Emphasizing Strict Interpretation of Statutory Powers

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....SC held that courts have limited power to modify arbitral awards under the Arbitration and Conciliation Act, 1996. Modification is permissible only in specific circumstances: (i) when the award is severable, allowing separation of valid and invalid portions; (ii) correcting clerical, computational, or typographical errors; (iii) modifying post-award interest in certain cases; and (iv) applying Article 142 of the Constitution with extreme caution. The Court clarified that the power to set aside an award does not inherently include the power to modify, and modifications must be carefully circumscribed within statutory limitations.....