Post-decree interest on modified arbitral award reduced after Court found a lower rate appropriate on the facts.

The document addresses post-decree interest on a modified arbitral award and notes that, on the facts of the commercial transaction and the parties' correspondence, the Supreme Court interfered only on the interest component. It found a lower rate appropriate for the period after decree and reduced post-decree interest from 11% per annum to 7.5% per annum, while otherwise maintaining the modified award.

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Issues: Whether the rate of post-decree interest awarded on the modified arbitral award required reduction.

Analysis: The parties' dispute had resulted in a modified award being upheld by the High Court, with post-decree interest fixed at 11% per annum. On the facts and circumstances of the commercial transaction and the correspondence between the parties, the Court found it appropriate to interfere only on the limited of interest and to determine a reasonable rate for the period after the decree.

Conclusion: The post-decree interest was reduced from 11% per annum to 7.5% per annum, and the modified award was otherwise maintained.

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