Arbitral Award Based On Law Prevailing At Time Of Proceedings Cannot Be Held To Be Illegal Due To Subsequent Apex Court Ruling: Allahabad HC

The Allahabad High Court ruled against reopening concluded arbitrations based on new judicial rulings, emphasizing that arbitral awards should be based on the law prevailing at the time of proceedings. The court noted that allowing parties to reopen arbitrations due to subsequent judicial decisions would lead to legal chaos and undermine the finality of arbitral awards. The ruling underscores the importance of stability and predictability in arbitration, ensuring that decisions are made based on the legal framework and precedents available at the time.