https://www.taxtmi.com/caselaws?id=309658 The Supreme Court held that Clause 16(3) of the General Contract Clauses did not limit the arbitrators' authority to award interest pendente lite. Emphasizing that interest is typically granted to compensate a claimant for being deprived of money during arbitration, the Court reinstated the arbitrators' decision to award interest in the contractual dispute between M/s. Raveechee and Co. and the Union of India. The Court highlighted that unless a contract explicitly prohibits interest pendente lite, arbitrators have the discretion to grant it, citing relevant case law to support this principle. en-us Tue, 03 Jul 2018 00:00:00 +0530 Thu, 14 Sep 2023 21:46:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309658 The Supreme Court held that Clause 16(3) of the General Contract Clauses did not limit the arbitrators' authority to award interest pendente lite. Emphasizing that interest is typically granted to compensate a claimant for being deprived of money during arbitration, the Court reinstated the arbitrators' decision to award interest in the contractual dispute between M/s. Raveechee and Co. and the Union of India. The Court highlighted that unless a contract explicitly prohibits interest pendente lite, arbitrators have the discretion to grant it, citing relevant case law to support this principle. Case-Laws Indian Laws Tue, 03 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309658