https://www.taxtmi.com/caselaws?id=279319 Where a contract expressly bars interest on sums withheld or retained under lien after due notice, an arbitral tribunal cannot award interest contrary to that bargain. The Supreme Court held that the arbitrator and the High Court failed to give effect to the contractual clauses, and that Section 31(7) of the Arbitration and Conciliation Act, 1996 yields to the parties' agreement. Interest was therefore impermissible for the period from recovery until the amount was deposited in court, and no further interest was payable after deposit. The appellant's challenge succeeded. en-us Mon, 03 Mar 2014 00:00:00 +0530 Wed, 13 Mar 2019 07:27:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279319 Where a contract expressly bars interest on sums withheld or retained under lien after due notice, an arbitral tribunal cannot award interest contrary to that bargain. The Supreme Court held that the arbitrator and the High Court failed to give effect to the contractual clauses, and that Section 31(7) of the Arbitration and Conciliation Act, 1996 yields to the parties' agreement. Interest was therefore impermissible for the period from recovery until the amount was deposited in court, and no further interest was payable after deposit. The appellant's challenge succeeded. Case-Laws Indian Laws Mon, 03 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279319