https://www.taxtmi.com/caselaws?id=303409 Where a contract expressly provided for interest on delayed payment but left the rate column blank, the omission did not negate the contractor's entitlement to interest, and a reasonable arbitral construction could not be set aside as patent illegality. Alleged waiver letters were treated as factual material limited to the relevant payment context and not as a relinquishment of the entire claim, so the interest entitlement was restored. The rate fixed by the tribunal was nevertheless found excessive, and the court moderated it on a just and equitable basis consistent with the compensatory nature of interest and Section 31(7)(a), substituting simple interest at 8% per annum. en-us Thu, 22 Apr 2021 00:00:00 +0530 Wed, 20 Jul 2022 21:00:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303409 Where a contract expressly provided for interest on delayed payment but left the rate column blank, the omission did not negate the contractor's entitlement to interest, and a reasonable arbitral construction could not be set aside as patent illegality. Alleged waiver letters were treated as factual material limited to the relevant payment context and not as a relinquishment of the entire claim, so the interest entitlement was restored. The rate fixed by the tribunal was nevertheless found excessive, and the court moderated it on a just and equitable basis consistent with the compensatory nature of interest and Section 31(7)(a), substituting simple interest at 8% per annum. Case-Laws Indian Laws Thu, 22 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303409