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ABHAY S. OKA, UJJAL BHUYAN
Interstate Construction – Appellant
Versus
National Projects Construction Corporation Ltd. – Respondent
Headnote: Read headnote
JUDGMENT :
Ujjal Bhuyan, J.
This appeal by special leave is directed against the judgment and order dated 01.08.2023 passed by the Division Bench of the High Court of Delhi in FAO (OS) (Comm) No.175 of 2021.
2. It may be mentioned that by the aforesaid judgment and order dated 01.08.2023 (impugned judgment), Division Bench of the High Court of Delhi (High Court) allowed the appeal of National Projects Construction Corporation Limited, (NPCC) or the respondent hereinafter, filed under Section 37 of the Arbitration and Conciliation Act, 1996 (briefly ‘the 1996 Act’ hereinafter) setting aside that part of the judgment and order dated 02.08.2021 passed by a learned Single Judge of the High Court under Section 34 of the 1996 Act upholding the directions contained in paragraph 58(b) of the award dated 28.10.2020 as well as setting aside the directions of the arbitral tribunal as contained in paragraph 58(b) of the said award.
3. Relevant facts may be briefly noted.
4. Respondent had engaged the services of the appellant for executing a contract relating to Rama
(1) Interest has to be awarded as specified in contract and in absence of any contract, as per discretion of Arbitral Tribunal - Arbitral Tribunal can grant pre-reference interest from date on which ....
An arbitral award's stipulations on interest must be strictly enforced as per the parties' agreement, disallowing claims for compound interest unless explicitly provided, reinforcing party autonomy i....
The main legal point established in the judgment is that the directions for payment of interest in the impugned Award were contrary to the provisions of Section 31(7) of the Arbitration and Conciliat....
The court clarified that post-award interest includes both principal and pre-award interest, overruling previous decisions that restricted such calculations.
The Arbitral Tribunal's authority to award interest is governed by the arbitration agreement, with specific provisions for pre-award and post-award interest under the Arbitration Act.
Arbitral awards inherently carry a statutory interest rate of 18% for post-award periods, ensuring prompt compliance regardless of parties' prior decisions.
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