2015 (10) TMI 412

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.... in these cases is with regard to the payment of interest when the proceedings under Section 34 of the Arbitration and Conciliation Act, 1956 were pending before the High Court. In the case before us, we find that the award was passed on 02.03.2001. When the matters were pending before the High Court, there was a direction vide order dated 04.02.2003 to deposit the Principal amount before the High....

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....in the context of Section 37(1)(b); it means extinguishment of liability arising under the award. It signifies satisfaction of the award. The deposit of the award amount into the Court is nothing but a payment to the credit of the decree-holder. In this view, once the award amount was deposited by the appellants before the High Court on May 24, 2001, the liability of post-award interest from May 2....