ISSUE:
Whether the petitioner's challenge under Section 34 of the Arbitration and Conciliation Act, 1996, to the arbitral award dated 15.10.2019, which allowed the respondent's claims with costs and interest, justified in light of contractual disagreements concerning CENVAT credit and tax reimbursement?
Whether the learned Arbitrator correctly interpret the contract terms regarding the deduction of CENVAT credit and reimbursement of Central Sales Tax, and were the awarded claims, costs, and interest reasonable and in accordance with the petitioner-respondent contract?
RULE:
The case, which involves a challenge to an arbitral ruling, is governed under the Arbitration and Conciliation Act of 1996. Sections 34 and 33 of the Act, which deal with appealing awards and correction/interpretation, are fundamental to the legal rules. Contract law considerations also apply when interpreting CENVAT credit and tax reimbursement contract conditions.