Q: Explain about the setting aside of arbitral award ?
Ans: The Arbitration Act of 1940, which was abolished, provided three ways to challenge an award: modification, remission, and setting aside. Whereas the Arbitration and Conciliation Act of 1996 divided these remedies into two categories (i.e., modification and setting aside). The remedy has been given to the parties, and the tribunal was intended to correct mistakes. Returning the award to the tribunal for correction of errors has been modified as the remedy for setting aside.
A court may set aside an arbitral award on the grounds listed in section 34 of the Arbitration and Conciliation Act, 1996. These factors include:
Incapacity of parties
Invalidity of agreement
Notice not given to parties
Award beyond the scope of reference
Illegality of arbitral procedure
Award against public policy
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