In Brief
IOC entered into a petrol pump dealership agreement with M/s. Sathyanarayana Service Station in 2003. In 2006, the dealer submitted a resignation notice citing relocation to Bangalore. IOC accepted the resignation by letter dated 22.11.2006, and later took possession of the outlet. The dealer then sought to withdraw the resignation, but IOC rejected this request. An arbitrator upheld IOC's position, finding the resignation had been validly accepted. However, the High Court set aside the award and ordered restoration of the dealership. The Supreme Court held that the arbitrator's finding was plausible and not perverse, and that the High Court illegally interfered with it and exceeded its authority by modifying the award. The award was restored and the appeals allowed.
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