New Delhi, Feb. 24 -- A Supreme Court ruling expected in the coming weeks could reshape India's arbitration landscape, determining whether courts can modify arbitral awards instead of merely upholding or setting them aside.

For businesses, the decision could bring much-needed efficiency-or complicate arbitration in a country where courts are saddled with 46 million pending cases. The case, Gayatri Balasamy vs ISG Novasoft Technologies Ltd, is poised to set a major precedent on the extent of judicial intervention in arbitration, a system companies rely on for faster, cost-effective dispute resolution.

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The case dates back to 2006, when Ga...