The court dismissed an application to set aside a $70 million arbitration award, finding no jurisdictional errors, no procedural unfairness, and that the arbitration agreement precluded appeals.
The applicants, Baffinland Iron Mines LP and Baffinland Iron Mines Corporation (BIM), sought to set aside an arbitration award of over $70 million and a subsequent costs award in favour of the respondent, Tower-EBC G.P./S.E.N.C. (TEBC), pursuant to s. 46 of the Arbitration Act, 1991, and for leave to appeal under s. 45(1) of the Act.
The court dismissed BIM's application, finding no grounds to set aside the award for lack of jurisdiction or procedural unfairness, and further held that the arbitration agreement precluded an appeal from the Tribunal's decision.
