Arbitrator Has No Power To Lift Corporate Veil

Holding that an arbitral tribunal does not have the power to lift the corporate veil, the Delhi High Court, in Sudhir Gopi vs IGNOU, has also observed that mere failure of a corporate entity to meet its contractual obligations is no ground for piercing the corporate veil.

In the instant case, a sum of $664,070, along with pre award and future interest at the rate of 12% per annum, was awarded by the arbitral tribunal in favour of IGNOU against Sudhir Gopi and UEIT jointly and severally.

Article referred: http://www.livelaw.in/arbitrator-no-power-lift-corporate-veil-says-delhi-hc-read-judgment/

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