https://www.taxtmi.com/caselaws?id=309658 The SC held that a contractual clause barring interest on earnest money, security deposits and amounts payable under the contract did not, without express wording, exclude pendente lite interest on sums quantified as damages in arbitration. Interest pendente lite compensates a claimant for being kept out of money found due during the lis, and an arbitrator may grant it unless the contract contains a clear and specific prohibition. A general restriction on interest for specified contractual payments cannot be extended to unascertained claims later assessed and awarded as damages. The clause therefore did not bar the award of pendente lite interest. 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 SC held that a contractual clause barring interest on earnest money, security deposits and amounts payable under the contract did not, without express wording, exclude pendente lite interest on sums quantified as damages in arbitration. Interest pendente lite compensates a claimant for being kept out of money found due during the lis, and an arbitrator may grant it unless the contract contains a clear and specific prohibition. A general restriction on interest for specified contractual payments cannot be extended to unascertained claims later assessed and awarded as damages. The clause therefore did not bar the award of pendente lite interest. Case-Laws Indian Laws Tue, 03 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309658