The Supreme Court has helped the investment environment in the country by ruling as invalid clauses allowing public-sector undertakings (PSUs) to unilaterally appoint arbitrators to resolve disputes with private contracts.
A five-judge Constitution Bench led by outgoing Chief Justice of India DY Chandrachud ruled the practice of unilateral appointment violated Article 14 of the Constitution, which guarantees equality before the law and equal protection of the law to all people within India.
The case, which had been referred to a larger Bench by a three-judge Supreme Court Bench in 2021 and dates back to 2018, concerns a dispute between the Central Organisation for Railway Electrification and the ECISPIC-SMO-MCML joint venture for failure to complete a contract for electrification within the stipulated time.
It involved the validity of an arbitration clause involving the appointment of arbitrators from a panel curated by the PSU partner.
Denne historien er fra November 11, 2024-utgaven av Business Standard.
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Denne historien er fra November 11, 2024-utgaven av Business Standard.
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