Civil Law - Review Jurisdiction - Code of Civil Procedure 1908 - Order 47 Rule 1 - Scope of Review - Batch of review petitions filed against the judgment in Anjuman Ishaat-e-Taleem Trust v State of Maharashtra - Petitioners alleged erroneous interpretation of RTE Act and NCTE Act regarding TET requirements for teachers appointed prior to 2010 - Court observed that review is not an appeal in disguise and is permissible only for errors apparent on the face of record - Error must be self-evident and not requiring long-drawn reasoning - Although parameters of Section 114 CPC were not strictly met the Court allowed open court hearing to satisfy audi alteram partem and address grievances of various States and teachers associations - Held - No palpable error found in the original judgment warranting a reversal of the legal position - [Paras 1-11].

Writ Law - Right to Education - Constitution of India - Article 21-A - TET as Constitutional Necessity - Challenge to the applicability of TET to in-service teachers - Petitioners argued that subsequent imposition of TET violates service jurisprudence and causes prejudice to validly appointed teachers - Court reiterated that TET is a constitutional necessity flowing from the right to quality education under Article 21-A - Operation of a statute for public good cannot be viewed as an evil - Educational welfare of children is paramount and cannot be sacrificed for the service interests of teachers - Held - TET is a mandatory eligibility condition for continuation in service and promotion irrespective of the date of recruitment - [Paras 3, 23-25, 28].

Civil Law - Statutory Interpretation - Right of Children to Free and Compulsory Education Act 2009 - Section 23 - Prospective vs Retrospective Application - Analysis of Section 23(1) and the provisos to Section 23(2) - Distinction between usage of word any person in sub-section 1 and teacher in the provisos - Sub-section 1 governs future appointments - First proviso to sub-section 2 specifically deals with teachers already in service at the commencement of the Act - 2017 Amendment Act provided a further window for compliance until 2019 - Court found that the legislature always intended for in-service teachers to meet minimum qualifications - Subordinate legislation including NCTE notifications cannot override the clear mandate of the parent statute - Held - Provisions of Section 23 do not result in a new condition of service but reflect a time-bound mechanism for maintaining educational standards - [Paras 12-20, 25].

Writ Law - Extension of Compliance Window - Constitution of India - Article 142 - Inherent Power and Pragmatic Approach - States and petitioners sought extension of the 2-year period granted in the original judgment to acquire TET - Concern raised that mass displacement of thousands of teachers would disrupt the edifice of public education - Court applied the principle from State of Nagaland v Lipok AO emphasizing substantial justice over a technical approach - While TET rigour cannot be diluted the practical repercussions on school functioning must be considered - Held - In exercise of power under Article 142 the Court extended the timeline for acquiring TET qualification from 2 years to 3 years - In-service teachers must now obtain the qualification by 31st August 2028 - [Paras 30-36].

Decision: Review petitions dismissed with modification – Compliance period for in-service teachers to acquire TET extended to 31st August 2028 – States directed to conduct TET preferably twice a year – No further extensions to be granted.

Criminal Law - Illegal Detention - Constitution of India 1950 - Article 21 - Compensation - Appellant-convict sentenced to four years rigorous imprisonment for offences under Sections 148 448 304 Part II 149 and 323 IPC - Applied for permanent parole which was rejected by authorities but allowed by Single Judge of High Court on 05-11-2024 - Despite furnishing sureties and verification by 13-11-2024 appellant was not released for 24 days until a Division Bench in Habeas Corpus proceedings ordered release on 06-12-2024 - State contended the release order was erroneous and they were considering a challenge - Supreme Court held that a judicial order remains in operation unless stayed and must be obeyed without reservation - Court observed that bureaucratic delays in deciding whether to file an appeal cannot justify continued curtailment of liberty - Held - Non-release after a judicial order and compliance with conditions constitutes illegal detention - State directed to pay compensation of Rs 11 00 000 - [Paras 1-12].

Criminal Law - Parole - Nature and Procedure - Rajasthan Prisoners Release on Parole Rules 1958 - Rule 9 - Distinction between Bail and Parole - State argued appellant failed to avail three regular paroles before permanent parole as per rules - Court held that State cannot question the legality of the release order at a belated stage when it never challenged the order itself - Court reiterated the principle of obey first appeal later - Parole is a reformative process but non-compliance with a release order violates the due process under Article 21 - Held - The binding character of a High Court order is not lost merely because an appeal is being considered - [Paras 8-12].

Writ Law - Habeas Corpus - Public Law Remedy - Constitution of India - Article 21 - Compensation for violation of Fundamental Rights - Court discussed the historical evolution of Habeas Corpus from Magna Carta to modern Indian jurisprudence - Noted that the writ is an imperative remedy against illegal restraint - Emphasized that payment of monetary compensation is a recognized palliative for unlawful acts by State instrumentalities - Cited precedents where compensation ranging from Rs 35 000 to Rs 50 00 000 was awarded for illegal detention depending on facts - Held - Conviction of an individual does not diminish their fundamental rights on the scales of justice - Compensation is independent of rights to claim damages under private law - [Paras 10-11].

Decision: Appeal allowed – State directed to deposit Rs. 11,00,000/- as compensation directly into the bank account of the appellant.

Securities Law - Fraud and Manipulation - Securities and Exchange Board of India Act 1992 - Sections 11 and 11B - PFUTP Regulations 2003 - Regulations 2(1)(c), 3 and 4 - Appellant 1 holding 75 percent stake in subsidiary RPL decided to divest 5 percent - Took short futures positions for 9.92 crore shares through 12 agents via principal-agent agreements to hedge against expected price correction - SEBI Whole Time Member found that Appellants cornered over 93 percent of open interest in breach of position limits and depressed the settlement price by dumping 1.95 crore shares in the last 10 minutes of the settlement day - SAT majority upheld the order for disgorgement of 447.27 crore plus interest - Supreme Court found that the 2001 SEBI Circular did not ban exceeding position limits but only mandated disclosure which the appellant failed to do - Court further observed that the short positions were valid anticipatory hedges against a much larger cash segment exposure of 22.5 crore shares - Sale in last 10 minutes was a genuine commercial decision to raise funds amid an unexpected price hike and not a pre-planned strategy to depress prices - Held - Finding of fraud and manipulation unsustainable as SEBI failed to prove inducement or fraudulent intent - Disgorgement order set aside - Penalty for disclosure violation regarding position limits under 2001 SEBI Circular upheld - Appeals partly allowed - [Paras 1-231].

Securities Law - Definition of Fraud - PFUTP Regulations 2003 - Regulation 2(1)(c) - Inducement - Interpretation - Broad and inclusive definition - Inducement to deal in securities is a sine qua non for establishing fraud except where manipulation is clinchingly established - Cornering positions gives the ability to manipulate but does not by itself constitute manipulation - In a cash settlement regime no physical delivery is required and trades do not naturally induce others after positions are closed - Proof of deceitful intention becomes mandatory where injury to third parties is not established - Held - Respondent failed to discharge the higher burden of proof required to establish manipulation in the absence of evidence of inducement - [Paras 161-180].

Securities Law - Valid Hedging - Securities Contracts (Regulation) Act 1956 - Section 18A - Validity of derivatives contracts - Test for hedging vs speculation - Existence of related commercial position exposed to risk - Appellant sought to mitigate risk of price fall during sale of 22.5 crore shares - Perfect 1:1 ratio between hedge and stock is not a legal requirement - Anticipatory hedging is a valid risk mitigation tool - No statutory mandate for a written hedging policy or specific board resolution existed in 2007 - Held - Short positions of 9.92 crore shares were valid hedges and not fraudulent devices - [Paras 181-193].

Securities Law - Market Manipulation - Dumping of shares - Last 10 minutes of trading - Price discovery - Appellant sold 1.95 crore shares at prices above its historical cut-off of 208-210 rupees per share - Transaction occurred during a sudden and unknown price spurt - As a 70 percent promoter shareholder a decrease in share price would adversely impact the appellant's own valuation - Held - Motives and suspicions cannot be the basis for holding fraudulent intent - SEBI failed to prove that the sale was intended to depress prices for profits in the futures segment - [Paras 201-226].

Decision: Appeals partly allowed – Finding of fraud under PFUTP Regulations and order of disgorgement set aside – SEBI directed to refund 250 crore deposited by the appellant – Penalty for violation of disclosure requirements under 2001 SEBI Circular upheld.

Criminal Law - Quashing of Proceedings - Code of Criminal Procedure 1973 - Section 482 - Banking Fraud and Settlement - Appellant No 2 was a proprietary firm managed by the elder brother of Appellant No 1 which availed credit facilities from UCO Bank starting in 2006 - Following the death of the elder brother in 2009 Appellant No 1 took over management - Due to financial constraints the account was declared as NPA in 2010 and SARFAESI proceedings were initiated - Bank filed an Original Application before DRT Jabalpur for recovery of Rs 6.49 crores - A compromise proposal of Rs 4.25 crores was approved by the Bank Management Committee in 2015 certifying that there were no lapses in documentation - Appellants paid the entire amount and a no dues certificate was issued - DRT recorded the settlement and dismissed the bank recovery application as withdrawn in October 2015 - After a gap of more than two years in February 2018 the Bank lodged a complaint with the CBI alleging that the Appellants in collusion with bank officials defrauded the bank by substituting valuable mortgaged property with encroached property and using forged audit reports for limit enhancement - CBI filed a chargesheet under Sections 420 and 471 IPC while dropping PC Act charges as no proactive role was found for bank officials - High Court dismissed the quashing petition holding that a triable offence was made out - Supreme Court noted that the dispute arose from banking transactions having an overwhelmingly civil flavour and had reached a voluntary and final settlement - Held - continuation of criminal proceedings after a full settlement of dues which had the imprimatur of a judicial forum like the DRT would be oppressive and would amount to an abuse of the process of the court - the possibility of conviction is remote and bleak - appeal allowed and proceedings quashed - [Paras 1-29].

Criminal Law - Inherent Power - Code of Criminal Procedure 1973 - Section 482 - Commercial Disputes - Guidelines for quashing non-compoundable offences - Distinction between compounding under Section 320 CrPC and quashing under Section 482 CrPC - Power to quash is of wide plenitude and must be exercised to secure ends of justice or prevent abuse of process - While heinous crimes like murder or rape cannot be quashed based on settlement criminal cases having a predominantly civil flavour arising from commercial or financial transactions stand on a different footing - Held - in such cases where the offender and victim have settled their dispute and the continuation of the case would cause oppression the High Court is justified in quashing proceedings - timing of the settlement is a crucial factor especially when reached after long-standing litigation - [Paras 19-21.1 and 27].

Criminal Law - Good Faith and Delay - Indian Penal Code 1860 - Sections 420 and 471 - Fraud in Banking Transactions - Bank suspected fraud in 2013 but chose to wait and maximize recovery through a compromise settlement in 2015 - Complaint was lodged with CBI only after three years of settlement - Compromise agreement itself stated no document tampering or irregularities existed - Held - the conduct of the respondent bank betrays a lack of good faith as they treated the matter as a fraud only as an afterthought after liquidating the account - permitting such prosecution would adversely impact the sanctity of banking settlements and the overall economy - [Paras 25-28].

Evidence Law - Forgery and Cheating - Indian Penal Code 1860 - Sections 415, 420, 464, 470 and 471 - Essential ingredients - Section 420 requires fraudulent or dishonest inducement leading to delivery of property - Section 471 requires use of a forged document as genuine with knowledge of it being forged - Sine qua non is the presence of fraudulence or dishonesty - Held - where the transaction was a banking one and the bank itself verified properties and audit reports before enhancement and subsequently signed an unconditional compromise the elements of cheating are not sustainable after settlement - [Paras 16-16.3 and 17].

Decision: Appeal allowed – High Court order dated 05.07.2024 set aside – Chargesheet dated 27.11.2018 and charge framing order dated 20.02.2023 quashed.

Civil Law - Removal of Mathadhipathi - Andhra Pradesh Charitable and Hindu Religious Institutions and Endowments Act 1987 - Section 51 - Principles of Natural Justice - Appellant Mathadhipathi of Sri Swamy Hathiramji Mutt was removed from office following an enquiry report by a three-member committee of the Dharmika Parishad which found 13 out of 16 charges proved - Appellant challenged the removal alleging non-supply of over 600 pages of relied-upon documents - invalid service of notice by affixation on premises already seized by the State - and pre-decisional bias by the adjudicating body - High Court dismissed the appeal holding that the appellant had replied to charges in detail and was in possession of documents - Supreme Court observed that service by affixation on premises in the physical possession of the Respondents is a legal absurdity - held that the right to respond to a charge is rendered nugatory if the evidentiary basis and material forming the foundation of the action are not supplied - found the enquiry committee composed of members of the same body that initiated the charges was structurally biased - Held - proceedings culminating in removal were vitiated by multiple violations of natural justice - High Court judgment and removal order set aside - [Paras 1-55].

Evidence Law - Service of Notice - Code of Civil Procedure 1908 - Order V Rule 17 - Substituted Service - Respondents claimed service of charge memo by affixation on the Mutt residence and by email to the institutional account - record established that the State had already dispossessed the appellant and taken control of the premises and email account - Held - legal fiction of constructive notice collapses once the State assumes total control of the premises - substituted service can only be validly executed where the noticee actually resides - service on a door to which the noticee has no access is not service in the eyes of law - [Paras 31-32].

Administrative Law - Bias - Nemo Judex In Causa Sua - Andhra Pradesh Charitable and Hindu Religious Institutions and Endowments Act 1987 - Rule 26 of 2009 Rules - Enquiry committee was constituted from amongst members of the Dharmika Parishad which had already resolved to charge and suspend the appellant before charges were framed - Held - a member of a body that has already collectively determined a course of action cannot sit as an impartial enquiry officer - adjudicating authority cannot itself become the investigator and the decision-maker - Rule 26 of the 2009 Rules applies to administrative committees and cannot be used to constitute an enquiry committee for quasi-judicial proceedings - [Paras 35-39].

Constitutional Law - Plenary Powers - Constitution of India - Article 142 - Remedying structural gaps - The Court identified a procedural vacuum in the 1987 Act which prescribes no independent or neutral mechanism for conducting enquiries before removal - observed that a simple remand to the same body would lead to procedural circularity and repetition of systemic vulnerabilities - exercised Article 142 jurisdiction to appoint a One-man independent enquiry committee comprising a retired District Judge - constituted an Administrative Committee to aid the restored Mathadhipathi to ensure transparency and accountability - Held - Article 142 is supplementary in nature and operates to fill legal gaps to ensure complete justice - [Paras 42-51].

Religious Law - Concept of Mahantship - Right to Religious Office - Office of Mathadhipathi involves a blend of duties and personal interest in property where the spiritual headship cannot be detached from temporal management - any arrangement that seeks to permanently bifurcate religious functions from administrative functions or vests the latter in a Fit Person indefinitely amounts to a denial of the concept of Mahantship - Held - deprivation of the office of the spiritual head must be affected only through procedures that are demonstrably fair - neutral - and minimally invasive - [Paras 45-47].

Decision: Appeal allowed – Judgment of the High Court dated 09.05.2025 in C.M.A. No. 538 of 2023 - removal order dated 24.11.2023 - and confirmation G.O.Ms. No. 581 dated 08.12.2023 set aside – Appellant restored as Mathadhipathi – One-man independent enquiry committee appointed – Administrative Committee constituted to assist in management.

Criminal Law - Dacoity and Murder - Indian Penal Code 1860 - Sections 302 - 396 - 201 - 120-B - Code of Criminal Procedure 1973 - Sections 306 - 464 - Indian Evidence Act 1872 - Sections 10 - 114 (b) - 133 - Conviction based on approver testimony - Prosecution case involved a conspiracy by five persons to steal a truck by hiring it for transport and subsequently murdering the driver and cleaner - Appellant challenged the reliability of the approver PW-1 on grounds of being self-exculpatory and lacking corroboration - Also raised objection regarding non-framing of specific conspiracy charge - Trial Court and High Court convicted the appellant - Supreme Court analyzed the testimony of PW-1 and found it sufficiently inculpatory as he participated in the physical restraint of victims - Corroboration was found through the recovery of the stolen truck and identification of the deceased via tattoos and personal effects - Regarding the defect in charge - Court applied Section 464 CrPC noting that the appellant was fully aware of the allegations - cross-examined witnesses on the point - and suffered no prejudice - Held - Conviction affirmed but sentence modified to period undergone - [Paras 1-62].

Evidence Law - Approver Testimony - Indian Evidence Act 1872 - Sections 114 (b) and 133 - Interplay and Reliability - Section 133 makes an accomplice a competent witness while Illustration (b) to Section 114 provides a rule of prudence for corroboration - Corroboration need not be independent confirmation of every material circumstance but must connect the accused with the crime - Held - An approver's testimony cannot be discarded merely because they played a lesser role or participated under persuasion - provided the disclosure is full and inspires confidence in the context of proven circumstances - [Paras 23-38].

Criminal Law - Criminal Conspiracy - Indian Penal Code 1860 - Sections 120-A and 120-B - Indian Evidence Act 1872 - Section 10 - Scope of Liability - A conspirator is liable for every reasonably foreseeable crime committed by any member of the conspiracy in furtherance of the common design - Use of force and resulting murder held to be a foreseeable event when taking possession of property by separating owners through deception - Held - Appellant maintaining vigil at the truck while co-conspirators disposed of bodies established active participation in the conspiracy - [Paras 46-55].

Criminal Law - Sentencing - Life Imprisonment - Modification - Appellant served over 18 years of sentence for an incident occurring in 1984 - Co-convicts had their sentences remitted by the State - Reliance placed on precedents allowing modification of life imprisonment to a fixed term provided it exceeds 14 years - Held - Having regard to the period served and parity - sentence modified to period already undergone - [Paras 57-62].

Decision: Appeals partly allowed – Conviction maintained – Sentence modified to period already undergone – Appellant directed to be released forthwith if not required in any other case.

Civil Law - Arbitration in Suits - Arbitration Act 1940 - Section 21 - Mandatory Compliance - Plaintiffs-Appellants filed a suit for possession in 1982 - During pendency the parties referred the dispute to private arbitration - An award was passed on 15.09.1983 - Trial Court and High Court dismissed the suit holding the award had attained finality - Supreme Court observed that the 1940 Act envisioned three distinct modes of arbitration under Chapters II III and IV - Once a suit is pending between the parties the only valid route for referring the matter to arbitration is Section 21 under Chapter IV which requires a written application to the court where the suit is pending - Held - Any arbitral award passed without the leave of the Trial Court when a suit is already pending is not in compliance with the provisions of the 1940 Act - The arbitral proceedings conducted sans the mandatory requirements of Section 21 are legally ineffective as a bar to the suit - [Paras 30-46].

Civil Law - Arbitration Award as Compromise - Arbitration Act 1940 - Section 47 Proviso - Post-Award Consent - The Respondents contended that the award should be treated as a compromise of the suit - Supreme Court analyzed the proviso to Section 47 which allows an award obtained otherwise than in accordance with the Act to be considered as a compromise or adjustment of a suit - The Court held that the sine qua non for invoking this proviso is the post-award consent of all interested parties - In the present case the Plaintiffs consistently opposed the award and never consented to it being treated as a compromise - Held - In the absence of post-award consent the award cannot be given effect as a compromise under Order 23 Rule 3 CPC - The award remains unenforceable and cannot be used to non-suit the Plaintiffs - [Paras 48-58].

Civil Law - Validity of Arbitration - Arbitration Act 1940 - Section 21 - Knowledge of Pendency - The Defendants-Respondents claimed they were unaware of the 1982 suit at the time of reference to arbitration - Supreme Court held that knowledge of pendency is not a condition precedent for the applicability of Section 21 - The determinative factor is the fact of institution or pendency of the suit - Even otherwise the Defendants had been served summons before the award was passed and failed to seek leave of the court - Held - The award arising out of arbitral proceedings initiated without following the mandate of Section 21 cannot operate as a valid defence - [Paras 42-43 and 63].

Civil Law - Appellate Procedure - Code of Civil Procedure 1908 - Order 41 Rule 22 - Challenge to Adverse Findings - The Trial Court found that the Plaintiffs had validly purchased the property through a court auction in 1963 but dismissed the suit based on the arbitration award - The Respondents did not challenge these favourable findings for the Plaintiffs - Supreme Court noted that while a respondent need not file cross-objections to challenge adverse findings as long as the decree is in their favour such findings stand once the legal bar of the award is removed - Held - Since the award is unenforceable and the purchase of property is proved the suit for possession must be decreed - [Paras 59-60].

Decision: Appeal allowed - Judgment of the High Court and Trial Court set aside - Arbitration award dated 15.09.1983 held unenforceable qua the Plaintiffs - Decree for recovery of possession passed in favour of the Plaintiffs - Matter remitted for enquiry into mesne profits - Costs of Rs. 1,00,000/- imposed on Respondents.

Service Law - Termination of Probationer - Vijaya Bank (Officers’) Regulations 1982 - Regulation 16(3)(a) - Respondent No. 1 was appointed as Assistant General Manager (Networking) on probation - Bank suspended him on allegations of unauthorizedly taking confidential files but later revoked the suspension without prejudice to disciplinary proceedings - Probation was extended twice citing unsatisfactory performance and subsequently terminated under Regulation 16(3)(a) - High Court quashed the termination as arbitrary and based on irrelevant considerations - Bank appealed contending termination was simpliciter - Supreme Court observed that the Bank relied on three performance memos which were either factually contradicted by government appreciation letters or related to technical errors by third parties or were never communicated to the employee - Office notes revealed the Bank initially sought major penalty for misconduct but chose the probation regulation as a shortcut to avoid an onerous enquiry - Held - The alleged misconduct was the real foundation and not just the motive for termination - The Bank used unsatisfactory performance as a guise to bypass due process - What cannot be done directly cannot be done indirectly - Termination order held legally unsustainable - [Paras 1-45].

Administrative Law - Discretionary Power - Constitution of India - Articles 14 and 16 - Power of employer to terminate probationer - Bank contended absolute discretion under Regulation 16(3)(a) to terminate during probation without assigning reasons - Court held that even in contractual or probationary service of the State the discretion is not unchecked - Subjective satisfaction must be rooted in objective facts such as performance appraisals or specific assessments - Termination driven by personal bias or used to bypass a required enquiry is liable to be set aside - Held - Employer must act with fairness and transparency - Discharge was arbitrary due to lack of substantiated material on performance - [Paras 19-24].

Evidence Law - Uncommunicated Adverse Remarks - Natural Justice - Bank relied on a memo dated 31.10.2005 alleging the employee harassed a field engineer - Respondent No. 1 argued this memo was never served - Court noted that the Bank failed to demonstrate communication of the memo - Held - Uncommunicated adverse remarks or charges cannot be read to the prejudice of an employee - Reliance on such material violates principles of natural justice and lacks value in the eyes of law - [Paras 35-36].

Service Law - Backwages - Relief - Upon finding the termination order bad in law - Court considered the peculiar facts and the superannuation of the employee - Held - Respondent No. 1 entitled to 50% backwages from the date of termination until the date of superannuation with all consequential benefits notionally - [Para 46].

Decision: Appeal disposed of – Order of the High Court quashing the termination affirmed – Directions issued for 50% backwages and notional benefits to be settled by Bank of Baroda within three months.

Arbitration Law - Jurisdictional Challenge - Arbitration and Conciliation Act 1996 - Sections 14 and 16 - Madhya Pradesh Madhyastham Adhikaran Adhiniyam 1983 - Sections 7 and 20 - Finality of Litigation - Appellant entered into a Concession Agreement for a road project on Build-Operate-Transfer basis - Disputes arose leading to termination of agreement by Appellant - Arbitral Tribunal constituted under 1996 Act - Appellant initially challenged jurisdiction before District Court and High Court contending that the dispute must be heard by the Tribunal under the local Adhiniyam - High Court in earlier writ proceedings held that 1996 Act applied and that the agreement was not a works contract - That order attained finality after Supreme Court dismissed SLP and Review Petition - Appellant again raised jurisdictional plea in the present appeal relying on subsequent overruling of the earlier precedent - Held - Jurisdictional issue attained finality inter-se the parties and cannot be resurrected - Doctrine of issue estoppel applies - Once appellate remedies and review jurisdiction are exhausted the dispute is settled for eternity in the eye of law even if a precedent is subsequently overruled - Plea also barred by Section 16-2 as it was raised after filing statement of defence - Appellant's conduct shows complete acquiescence to 1996 Act process - [Paras 11-14 and 41-65].

Arbitration Law - Scope of Interference - Arbitration and Conciliation Act 1996 - Sections 34 and 37 - Minimal Judicial Interference - Nature of Jurisdiction - Narrowly circumscribed grounds - Held - Jurisdiction under Section 34 is not an appellate forum - Court cannot correct errors of fact or reappreciate evidence or substitute its own interpretation of contract if the Tribunal's view is plausible - Appellate power under Section 37 is even more constrained - The structure of appeal is a narrowing pyramid where higher courts have lesser propensity to interfere - Deference must be given to the Arbitral Tribunal as the final authority on evidence and contractual interpretation - [Paras 24-40 and 74].

Civil Law - Termination Payment - Concession Agreement - Arbitration and Conciliation Act 1996 - Section 34-2-a-iv - Scope of Reference - Appellant contended that Tribunal travelled beyond scope of reference by awarding termination payment when the claim was for value of work done - Held - Harmonious construction of the Concession Agreement - The claim for termination payment was covered under the broad heads of claims raised and contested - Interpretation of Clause 32-6 by the Tribunal as an independent mandatory payment clause is a plausible view - Mere existence of a different possible view is insufficient to set aside an award - No perversity found in awarding termination payment inclusive of debt due to the respondent rather than the lender as privity of contract exists only between the parties to the agreement - [Paras 66-71].

Arbitration Law - Interest - Party Autonomy - Arbitration and Conciliation Act 1996 - Section 31 - Pre-award and Post-award Interest - Appellant challenged pre-award interest of 14-75 percent and post-award interest of 18 percent as exorbitant - Held - Pre-award interest was contractually agreed as SBI PLR plus 2 percent - Post-award interest of 18 percent was as per the statutory rate under the unamended Section 31 - Party autonomy is the backbone of arbitration - Courts must uphold the bargain between parties unless the rate is so perverse as to shock the conscience - Conduct of Appellant in delaying payments for 19 years warrants no interference with interest rates - [Paras 72-73].

Decision: Appeal dismissed – Impugned orders of High Court and District Court affirmed – Registry of High Court directed to release deposited amounts to Respondent within two weeks – Appellant directed to pay balance amount with accrued interest within three months.