https://www.taxtmi.com/caselaws?id=435407 A contractor's security deposits may be forfeited where the contract authorises rescission for failure to complete the work, abandonment, or other default, and the arbitral finding of such default has attained finality; interference under Sections 34 and 37 of the Arbitration and Conciliation Act, 1996 is then unwarranted. An arbitral tribunal may also award pendente lite interest on an advance against hypothecated equipment under Section 31(7)(a) unless the contract clearly bars interest. The award of interest was therefore sustainable, though the rate was reduced to a reasonable 12% pendente lite. en-us Fri, 17 Mar 2023 00:00:00 +0530 Sun, 19 Mar 2023 21:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435407 A contractor's security deposits may be forfeited where the contract authorises rescission for failure to complete the work, abandonment, or other default, and the arbitral finding of such default has attained finality; interference under Sections 34 and 37 of the Arbitration and Conciliation Act, 1996 is then unwarranted. An arbitral tribunal may also award pendente lite interest on an advance against hypothecated equipment under Section 31(7)(a) unless the contract clearly bars interest. The award of interest was therefore sustainable, though the rate was reduced to a reasonable 12% pendente lite. Case-Laws Indian Laws Fri, 17 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435407