JUDGMENT :

S. ABDUL NAZEER, J.

Leave granted.

2. This appeal is directed against the Order of the Division Bench of the High Court of Delhi dated 19.09.2017 in FAO(OS) (COMM)No.120/2017 whereby it has upheld the judgment of the learned Single Judge in OMP (COMM) No.28 of 2017 dated 10.03.2017, resulting in denial of pendente lite interest on the award amount to the appellant.

3. The respondent floated a tender for construction of boundary wall at its 2x750 MW Pragati III Combined Cycle Power at Bawana, Delhi (hereinafter referred to as ‘the project’). The appellant submitted its bid for the project which was accepted by the respondent. Pursuant to which, the respondent issued a Letter of Intent (LOI) to the appellant dated 09.09.2008. Subsequently, on 24.10.2008 the parties entered into a contract which, inter alia, contained the interest barring clause which is reproduced hereunder:

“Clause 17: No interest shall be payable by BHEL on Earnest Money Deposit, Security Deposit or on any moneys due to the contractor.”

4. The disputes arose between the parties with respect to the aforesaid contract and subsequently the appellant filed a petition under Section 11 of the Arbitration and Concil