The Hon’ble High Court of Bombay has pronounced a judgement setting aside the Arbitral Award dated June 5, 2023, against Thermax. The award was initially passed by the Arbitral Tribunal consisting of a sole Arbitrator in a matter of arbitration between Thermax and a Customer (Claimant). Further details, as required, will be submitted in due course.
Arbitration Update
Thermax announces that the Hon’ble High Court of Bombay has issued a judgement regarding an earlier arbitration matter. The key development is the setting aside of an Arbitral Award that was previously issued on June 5, 2023.
Background of the Matter
The Arbitral Award, now set aside, arose from an arbitration process between Thermax and one of its Customers. The arbitration was overseen by a sole Arbitrator. The initial intimations regarding this arbitration were dated June 6, 2023, and October 10, 2023.
Source: BSE
