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SANJAY KAROL, VIPUL M. PANCHOLI
Union of India – Appellant
Versus
Larsen & Tubro Limited (L&T) – Respondent
JUDGMENT :
VIPUL M. PANCHOLI, J.
1. Leave granted.
2. This is an appeal challenging the final judgment and order dated 25.05.2023 passed by the High Court of Judicature at Allahabad in Appeal No. 433 of 2023 under Section 37 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as “the Act”) titled as “Union of India and 2 others v. Larsen & Tubro Limited (L and T)”.
3. Vide the impugned judgment, the High Court dismissed the appeal filed by the appellants herein and upheld the Order dated 15.09.2022 passed by the Commercial Court, Jhansi, and thereby upheld the Arbitral Award dated 25.12.2018 passed by the learned Arbitral Tribunal.
FACTUAL MATRIX
4. The brief facts of the case are that the underlying dispute originates from the Agreement dated 27.01.2011, bearing No. CME/NCR/JHSW/MOD/2010 (Turnkey), executed between the appellants (Union of India & North Central Railway Administration) and the respondent (Larsen & Tubro Limited [L&T]).
5. The contract stipulated the execution o
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.
The Court can entertain challenges based on contract terms, and the applicability of contract clauses can influence the decision to set aside an arbitral award.
The arbitral tribunal can award pendente lite interest unless expressly prohibited by the contractual agreement.
(1) Post-award interest – If agreement stipulates that no interest is payable, Arbitral Tribunal cannot award interest for the period and an award contrary to terms of contract would be vulnerable to....
The court clarified that post-award interest includes both principal and pre-award interest, overruling previous decisions that restricted such calculations.
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