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MOUSHUMI BHATTACHARYA
Amiya Steel Private Limited – Appellant
Versus
Steel Authority of India Limited – Respondent
Headnote: Read headnote
JUDGMENT :
Moushumi Bhattacharya, J.
1. The award-holder has filed this application in its execution proceeding pertaining to an Award dated 30th September, 2008. By the impugned Award, the award-debtor was held liable for a sum of Rs.3,87,73,200/- on account of the award-holder’s loss of profit. The learned Arbitrator also awarded costs assessed at Rs.4 lakhs in favour of the award-holder. The Award has now fructified into a decree of the Court and the award-holder says that the award-debtor should be directed to pay interest on the Award at 18% per annum till the date of payment.
2. Learned counsel appearing for the award-holder submits that the rate of interest would be 18% taking into account the position before the Amendment of 2016 which came into effect from 23.10.2015. Counsel also places paragraph 15.12 of the Award to say that the interest at 18% would start accruing if the award-debtor failed to pay the awarded sum within a reasonable period. Counsel submits that the award-holder construed this reasonable period from 1st February, 2009 and accordingly seeks interest at 18% on the awarded
The main legal point established in the judgment is the determination of the applicable rate of interest on the awarded amount in an arbitration proceeding, considering the pre-amendment and post-ame....
Setting aside arbitral award – Illegality must go to root of matter and cannot be of a trivial nature.
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 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....
Arbitral awards inherently carry a statutory interest rate of 18% for post-award periods, ensuring prompt compliance regardless of parties' prior decisions.
Post award interest – Granting post-award interest is not subject to contract between parties – Rate of interest can be provided by Arbitrator and in default statutory prescription will apply.
(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 the interpretation of the applicability of amended provisions of the Arbitration and Conciliation Act, 1996, particularly section 31(7)(b) and sect....
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