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VIPIN SANGHI, SANJAYA MISHRA
U. P. Project Corporation Limited Lucknow – Appellant
Versus
S. K. Techno and Company – Respondent
JUDGMENT :
1. The present Appeal under Section 37 of the Arbitration & Conciliation Act, 1996 assails the Judgement dated 10.02.2020 passed by the learned First Additional District Judge (Commercial), Dehradun in Arbitration Case No. 251 of 2019. By the impugned judgement, the learned First Additional District Judge (Commercial) has dismissed the objections preferred by the appellant under Section 34 of the Arbitration and Conciliation Act, to assail the award dated 02.11.2017/09.11.2017.
2. The Arbitration Tribunal rendered the award dated 02.11.2017 in favour of the respondent2 claimant for an amount of Rs. 2,50,06,996.57/- along with interest @ 18 % per annum from the due date. There was a typographical/clerical error in the said award, which was corrected by the award dated 09.11.2017. In all other aspects the award was the same, as originally rendered.
3. One of the objections to the impugned award raised by the appellant was with regard to grant of interest @ 18 per cent per annum. The learned Additional District Judge, however, did not find merit in the said objection and rejected the same by observing that the appellant could not substantiate the plea that award of interest
The court emphasized the importance of substantiating claims regarding the excessiveness of interest rates and the need to provide evidence of prevailing interest rates when challenging arbitration a....
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 main legal point established is that interest on the interest component and the interest rate should be determined in accordance with the statutory provisions of the Arbitration and Conciliation ....
The limited jurisdiction provided to the court under Section 34 of the Arbitration and Conciliation Act, 1996, and the just and reasonable nature of the directions issued by the Arbitrator influenced....
The Arbitral Award holds primacy in determining post-award interest, and interest on costs is to be granted by the Arbitral Tribunal.
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 prevail over statutory default provisions regarding interest unless explicitly stated otherwise in the Award.
The main legal point established in the judgment is the limited scope for interference with arbitral awards under the Arbitration and Conciliation Act, 1996, and the discretion of the Arbitrator in a....
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