https://www.taxtmi.com/caselaws?id=462018 Section 31(7)(b) of the Arbitration and Conciliation Act, 1996 confers a statutory right to post-award interest from the date of the award to the date of payment, and that entitlement cannot be excluded by a contractual clause prohibiting interest. The phrase "unless the award otherwise directs" in clause (b) governs the rate of interest, not the existence of the right to interest itself, while clause (a) remains subject to party agreement. A contractual term barring interest therefore cannot override the statutory mandate for post-award interest, and the contrary view based on precedent concerning pendente lite interest was inapposite. en-us Tue, 10 Sep 2024 00:00:00 +0530 Thu, 15 May 2025 20:06:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462018 Section 31(7)(b) of the Arbitration and Conciliation Act, 1996 confers a statutory right to post-award interest from the date of the award to the date of payment, and that entitlement cannot be excluded by a contractual clause prohibiting interest. The phrase "unless the award otherwise directs" in clause (b) governs the rate of interest, not the existence of the right to interest itself, while clause (a) remains subject to party agreement. A contractual term barring interest therefore cannot override the statutory mandate for post-award interest, and the contrary view based on precedent concerning pendente lite interest was inapposite. Case-Laws Indian Laws Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462018