Arbitrator can't grant pendente lite interest if contract prohibits it; High Court upholds Clause 17 under Indian Contract Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Scope of the Arbitration - Denial of pendente lite interest on the award amount - if the contract contains a specific clause which expressly bars payment of interest, then it is not open for the arbitrator to grant pendente lite interest - the High Court was justified in rejecting the claim of the appellant seeking pendente lite interest on the award amount. - Clause 17 of the contract is not ultra vires in terms of Section 28 of the Indian Contract Act, 1872 - SC....