https://www.taxtmi.com/caselaws?id=309588 Section 31(7)(a) of the Arbitration and Conciliation Act permits an arbitral tribunal to award interest at a reasonable rate where there is no agreement to the contrary. Although the parties had agreed to 18% per annum, the Supreme Court considered the 1999 award date and surrounding circumstances sufficient to revisit the rate and, in exercise of Article 142, modified the award only on interest. The interest component was reduced to 10% per annum simple interest, while the remainder of the award was left undisturbed. en-us Mon, 02 Sep 2019 00:00:00 +0530 Mon, 11 Sep 2023 22:38:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309588 Section 31(7)(a) of the Arbitration and Conciliation Act permits an arbitral tribunal to award interest at a reasonable rate where there is no agreement to the contrary. Although the parties had agreed to 18% per annum, the Supreme Court considered the 1999 award date and surrounding circumstances sufficient to revisit the rate and, in exercise of Article 142, modified the award only on interest. The interest component was reduced to 10% per annum simple interest, while the remainder of the award was left undisturbed. Case-Laws Indian Laws Mon, 02 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309588