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of <h1>Arbitration Award Upheld: Interest Rate Reduced from 15% to 9%; Payment Due in 8 Weeks; Appeals Conclusively Settled.</h1> <h3>National Aluminium Co. Ltd. Versus Varun Shipping Co. Ltd.</h3> The SC upheld the Arbitrator's awards under the Arbitration Act, 1940, dismissing the Appellants' objections. However, the interest rate was reduced from ... - The Supreme Court confirmed the awards passed by the Arbitrator under the Arbitration Act, 1940, despite objections raised by the Appellants. The court reduced the interest rate from 15% to 9% as it was deemed excessive. The Appellants were directed to pay the award amount within eight weeks. The appeals were disposed of with this decision.
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