Judicial Review of Arbitral Awards and Contractor Entitlement to Loss of Profits in Municipal Contracts

Highlights of the Judgment:
- Examination of the scope of judicial interference under Section 34 of the Arbitration and Conciliation Act, 1996, regarding patent illegality and perversity.
- Analysis of whether an arbitral award can be partially set aside for distinct and severable claims under the doctrine of severability.
- Evaluation of contractor entitlement to loss of profit when a contract is prematurely terminated due to municipal administrative lapses.
- Interpretation of General Conditions of Contract regarding the non-arbitrability of tender preparation costs and bidding risks.
- Judicial review standards concerning an arbitrator's factual findings on bank guarantee commission and incidental interest components.