2012 (3) TMI 641

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....the Arbitrator was appointed to adjudicate the claims of the Respondent and counter-claims of the Appellants. On August 12, 1998, the Arbitrator passed the award. Aggrieved thereby, the Appellants filed objections under Section 34 (3) of the Arbitrator and Conciliation Act, 1996 (for short "the Act"). The objections were accepted by the High Court to the extent that the reasons were not given by the Arbitrator and, accordingly, the matter was sent back to the Arbitrator for giving reasons in support of the award. 3. After remand, the Arbitrator considered the matter and passed the award on February 14, 2001. The Appellants filed objections against the award dated February 14, 2001. They also deposited the entire amount due under the awar....

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.... Unless otherwise agreed by the parties, where and in so far as an arbitral award is for the payment of money, the arbitral tribunal may include in the sum for which the award is made interest, at such rate as it deems reasonable, on the whole or any part of the money, for the whole or any part of the period between the date on which the cause of action arose and the date on which the award is made. (b) A sum directed to be paid by an arbitral award shall, unless the award otherwise directs, carry interest at the rate of eighteen per centum per annum from the date of the award to the date of payment. 8. The above provision has been recently considered by this Court in State of Haryana and Ors. v. S.L. Arora and Company (2010) 3 ....

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....s deposited by the Appellants into the High Court is the date of payment ? 10. Payment is not defined in the Act. The Concise Oxford English Dictionary (Tenth Edition-revised) defines 'payment' '1. the action of paying or the process of being paid. 2. an amount paid or payable'. Webster Comprehensive Dictionary (International Edition) Volume two defines 'payment' '1. the act of paying. 2 Pay; requital; recompense.' The Law Laxicon, 2nd Edition reprint by P. Ramanatha Aiyar, inter alia, states 'payment is defined to be the act of paying, or that which is paid; discharge of a debt, obligation or duty; satisfaction of claim; recompense; the fulfillment of a promise or the performance of an agreement; the ....