1999 (4) TMI 643

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....NT S. Rajendra Babu, J. 1. This appeal arises out of certain arbitration proceedings between the parties to this appeal resulting in an award made on February 29,1988. The Arbitrators by their award directed that the appellant shall pay to the respondent as follows : (i) US $ 1004.50 being interest on US $ 40, 102.97 at 12% p.a. from 10.12.1985 to 16.4.1986. (ii) US $ 59, 583 being interest ....

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....ther awarded interest on the claims awarded at 12% per annum from the date of award till realisation, He did not dispute, and very fairly and correctly, that the Arbitrators do have the power to grant interest on the amount claimed in the arbitration and the power of the Arbitrators was very characteristically described by him as 'before, during and after' of the arbitration proceedings. H....

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....t stood crystallized by the time the claim was filed before the Arbitrators. Therefore, the power of the Arbitrators to grant interest on the amount of interest which may, in other words, be termed as interest on damages or compensation for delayed payment which would also become part of the principal. If that is the correct position in law, we do not think that Section 3 of the Interest Act has a....

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....a 10(a) as follows : The present arbitration itself is barred by limitation as the alleged claims are relating to the work done in 1981-82 This is a very bald statement without setting out the details as to how the claim made by the respondent before the Arbitrators have become barred by the limitation particularly when the stand of the respondent is that they had running bills and payments w....