Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
Authorization requirements for customs brokers and benami shipping bills: tribunal upholds licence revocation and penalties after COVID time limit fou...
Eligibility for notification exemption on imported fertilizers challenged; penalty, interest and confiscation set aside after voluntary payment and no...
The article addresses contractual bars to pre-award (pendente lite) interest and the scope of post-award interest under Section 31(7). It explains that an express contractual prohibition on interest prevails over an arbitral award, applying ejusdem generis to reject attempts to characterise prohibited interest as 'compensation', and concludes pendente lite awards contrary to clause-based bars are liable to be set aside. It further explains that post-award interest under Section 31(7)(b) is payable despite pre-award bars, but a tribunal's unreasoned fixation of rate may be judicially moderated; the rate awarded was reduced on that basis. Judicial interference under limited review provisions was held justified on these points.
The article addresses contractual bars to pre-award (pendente lite) interest and the scope of post-award interest under Section 31(7). It explains that an express contractual prohibition on interest prevails over an arbitral award, applying ejusdem generis to reject attempts to characterise prohibited interest as 'compensation', and concludes pendente lite awards contrary to clause-based bars are liable to be set aside. It further explains that post-award interest under Section 31(7)(b) is payable despite pre-award bars, but a tribunal's unreasoned fixation of rate may be judicially moderated; the rate awarded was reduced on that basis. Judicial interference under limited review provisions was held justified on these points.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
