https://www.taxtmi.com/caselaws?id=763435 Section 33 of the Arbitration and Conciliation Act, 1996 permits an arbitral tribunal to correct or interpret an award within the statutory time framework, and a clarification on interest was upheld where the High Court had allowed the request and both sides participated. The tribunal was therefore not treated as functus officio. Under Section 31(7), post-award interest runs on the sum awarded, meaning the principal and pre-award or pendente lite interest merge for the purpose of further interest unless the award provides otherwise. The clarification was sustained and post-award interest was directed to be computed on the composite awarded sum. en-us Tue, 17 Dec 2024 00:00:00 +0530 Fri, 20 Dec 2024 08:46:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763435 Section 33 of the Arbitration and Conciliation Act, 1996 permits an arbitral tribunal to correct or interpret an award within the statutory time framework, and a clarification on interest was upheld where the High Court had allowed the request and both sides participated. The tribunal was therefore not treated as functus officio. Under Section 31(7), post-award interest runs on the sum awarded, meaning the principal and pre-award or pendente lite interest merge for the purpose of further interest unless the award provides otherwise. The clarification was sustained and post-award interest was directed to be computed on the composite awarded sum. Case-Laws Indian Laws Tue, 17 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763435