An appellate court exercising powers under section 37 cannot substitute its own view on reasonable compensation for a plausible view taken by the section 34 court

The scope of judicial review available to an appellate court under Section 37 of the Arbitration and Conciliation Act, 1996 is strictly supervisory, limited to examining whether the Section 34 court exercised its jurisdiction properly without exceeding statutory limits. A Section 37 court exceeds its jurisdiction when it re-evaluates, recalculates, or re-works the quantum of reasonable compensation awarded by the Section 34 court in the absence of any finding that the original determination was perverse, arbitrary, or outside contractual terms. Mere disagreement with the method of calculation or a desire to re-balance equities does not justify replacing the plausible view of the Section 34 court with the appellate court's own computation. (M/s Saisudhir Energy Ltd. v. M/s NTPC Vidyut Vyapar Nigam Ltd. | 2026 INSC 103)