https://www.taxtmi.com/caselaws?id=195353 An express contractual bar on interest prevented the arbitral tribunal from awarding pre-award interest under Section 31(7)(a) of the Arbitration and Conciliation Act, 1996, because parties had agreed otherwise; the High Court was correct in setting aside that part of the award. For post-award interest, Section 31(7)(b) supplies the statutory default rate unless the award otherwise directs, and the rate fixed by the arbitrator could not be reduced without justification; the lower court's reduction to 6% was unsustainable. The Supreme Court therefore sustained the bar on pre-award interest but restored the arbitrator's post-award interest rate. en-us Thu, 09 Jul 2009 00:00:00 +0530 Fri, 29 Sep 2023 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195353 An express contractual bar on interest prevented the arbitral tribunal from awarding pre-award interest under Section 31(7)(a) of the Arbitration and Conciliation Act, 1996, because parties had agreed otherwise; the High Court was correct in setting aside that part of the award. For post-award interest, Section 31(7)(b) supplies the statutory default rate unless the award otherwise directs, and the rate fixed by the arbitrator could not be reduced without justification; the lower court's reduction to 6% was unsustainable. The Supreme Court therefore sustained the bar on pre-award interest but restored the arbitrator's post-award interest rate. Case-Laws Indian Laws Thu, 09 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195353