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Section 35 of the Act provides that an arbitral award made under the Act is:
A{'text': 'Final and binding on the parties and persons claiming under them respectively', 'label': 'A'}
B{'text': 'Subject to automatic review by the High Court of the relevant State under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force', 'label': 'B'}
C{'text': 'Subject to automatic appeal to the Supreme Court of India under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force', 'label': 'C'}
D{'text': 'Subject to automatic ratification by the Central Government of India under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force', 'label': 'D'}
Answer & Solution
Correct answer: A. {'text': 'Final and binding on the parties and persons claiming under them respectively', 'label': 'A'}
1. Section 35 of the Act establishes the finality of arbitral awards.
2. "An arbitral award made under the Act is **final and binding on the parties and persons claiming under them respectively**."
3. The award is not subject to automatic review/appeal — recourse is only by a Section 34 application for setting aside.
4. Section 36 then governs enforcement of the award as a decree of the Court under the CPC.
_Source: ICSI CS Executive Paper 1 — Jurisprudence, Interpretation & General Laws, Lesson 13 (Arbitration and Conciliation Act, 1996), pp. 314-333._
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