https://www.taxtmi.com/caselaws?id=195360 An express contractual clause barring interest on earnest money, security deposit and sums payable to the contractor binds the arbitrator under the Arbitration Act, 1940. Where the parties have agreed that no interest shall be payable, the arbitrator cannot disregard that prohibition or rewrite the contract to confer power to award pendente lite interest. The contrary authorities were distinguished as cases where the contract was silent on interest. The award of interest was therefore without jurisdiction and liable to be set aside. en-us Tue, 12 Jul 2011 00:00:00 +0530 Wed, 02 Aug 2023 09:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195360 An express contractual clause barring interest on earnest money, security deposit and sums payable to the contractor binds the arbitrator under the Arbitration Act, 1940. Where the parties have agreed that no interest shall be payable, the arbitrator cannot disregard that prohibition or rewrite the contract to confer power to award pendente lite interest. The contrary authorities were distinguished as cases where the contract was silent on interest. The award of interest was therefore without jurisdiction and liable to be set aside. Case-Laws Indian Laws Tue, 12 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195360