https://www.taxtmi.com/caselaws?id=195354 Clause 16(2) of the General Conditions of Contract expressly barred interest on earnest money, security deposit and amounts payable under the contract. On that basis, interest on the sums covered by claim No. 4 and claim No. 6 was contractually prohibited. Section 31(7)(a) of the Arbitration and Conciliation Act, 1996 permits interest for the period from accrual of the cause of action to the award only where the parties have not agreed otherwise. Earlier decisions under the Arbitration Act, 1940 were held inapplicable because the 1996 Act contains its own statutory scheme on interest. The arbitral tribunal therefore lacked authority to grant pre-reference interest, and its refusal of pendente lite interest was sustained. en-us Fri, 20 Aug 2010 00:00:00 +0530 Thu, 10 Aug 2023 09:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195354 Clause 16(2) of the General Conditions of Contract expressly barred interest on earnest money, security deposit and amounts payable under the contract. On that basis, interest on the sums covered by claim No. 4 and claim No. 6 was contractually prohibited. Section 31(7)(a) of the Arbitration and Conciliation Act, 1996 permits interest for the period from accrual of the cause of action to the award only where the parties have not agreed otherwise. Earlier decisions under the Arbitration Act, 1940 were held inapplicable because the 1996 Act contains its own statutory scheme on interest. The arbitral tribunal therefore lacked authority to grant pre-reference interest, and its refusal of pendente lite interest was sustained. Case-Laws Indian Laws Fri, 20 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195354