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The SC dismissed the challenge to the arbitral award and upheld the grant of even pendente lite interest against the respondent. The Court held the arbitral tribunal's power to award pendente lite interest is not ousted absent an agreement that expressly or by necessary implication bars such relief; a contractual clause prohibiting interest on delayed payments did not, read as a whole, preclude pendente lite interest. The Court found no legal error in the award warranting interference, and post-award interest accorded with the statutory framework extant then. The petition by the appellant seeking impugnation of the award was dismissed and the arbitral award affirmed.
The SC dismissed the challenge to the arbitral award and upheld the grant of even pendente lite interest against the respondent. The Court held the arbitral tribunal's power to award pendente lite interest is not ousted absent an agreement that expressly or by necessary implication bars such relief; a contractual clause prohibiting interest on delayed payments did not, read as a whole, preclude pendente lite interest. The Court found no legal error in the award warranting interference, and post-award interest accorded with the statutory framework extant then. The petition by the appellant seeking impugnation of the award was dismissed and the arbitral award affirmed.
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