Supreme Court Overturns High Court's Confirmation of Arbitral Award; Interest on Contractor's Due Sums Quashed.

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....Validity of award of interest by the sole arbitrator - earnest money and security deposits or not - The learned Arbitrator in the instant case has erred in awarding pendente lite and future interest on the amount due and payable to the contractor under the contract in question and the same has been erroneously confirmed by the High Court - the award passed by the learned Arbitral Tribunal awarding pendente lite and future interest on the amounts held to be due and payable to the contractor under the contract are hereby quashed and set aside. - SC....