https://www.taxtmi.com/caselaws?id=414947 A contractual clause barring interest on earnest money, security deposit, and amounts payable to the contractor under the contract was held to exclude arbitral awards of pre-reference, pendente lite, and future interest. The phrase "amounts payable to the contractor under the contract" was treated as wide and independent, and not limited by ejusdem generis. Reading the clause with section 31(7)(a) of the Arbitration and Conciliation Act, 1996 and the governing line of authority, the Court held that an arbitrator cannot award interest contrary to an express contractual bar. The award of pendente lite and future interest was therefore unsustainable. en-us Thu, 18 Nov 2021 00:00:00 +0530 Mon, 22 Nov 2021 06:07:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414947 A contractual clause barring interest on earnest money, security deposit, and amounts payable to the contractor under the contract was held to exclude arbitral awards of pre-reference, pendente lite, and future interest. The phrase "amounts payable to the contractor under the contract" was treated as wide and independent, and not limited by ejusdem generis. Reading the clause with section 31(7)(a) of the Arbitration and Conciliation Act, 1996 and the governing line of authority, the Court held that an arbitrator cannot award interest contrary to an express contractual bar. The award of pendente lite and future interest was therefore unsustainable. Case-Laws Indian Laws Thu, 18 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414947