VMCO takes pride in announcing its recent triumph in a matter before the Hon’ble Bombay High Court, where the subject matter pertained to an Insurance Arbitration Dispute.
Mr Karan Mehra, Managing Partner, appeared on behalf of Texport Syndiate (India) Ltd. (Respondent) against Future Generali India Insurance Company Limited (Petitioner) in a Petition u/s 34 of the Arbitration and Conciliation Act, 1996, (‘the Arbitration Act’) for setting aside the Arbitral Award on the ground of being in contravention of fundamental policy and patently illegal.
Upon detailed deliberations involving insightful arguments from both the parties, the Hon’ble High Court of Bombay accepted the submission of the Respondent which specified that the Petition sought to challenge the award on merits, which was impermissible u/s 34 of the Act, and thereafter, upheld the Arbitration Award. The Hon’ble Court also held that the approach adopted by the Arbitral Tribunal was clearly within the parameters of reasonableness laid down in the landmark decisions of the Hon’ble Supreme Court of India and thus warranted no interference.
The detailed judgment passed by the Hon’ble High Court of Bombay can be found here: