2019 (9) TMI 1706

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....: Sudarshan Rajan For the Respondent : None JUDGMENT 1. Leave granted. 2. This appeal arises out of the impugned judgment and order dated 10.05.2019 passed by the High Court of Punjab and Haryana at Chandigarh in FAO No. 4045 of 2003 in and by which the High Court has dismissed the appeal of the Appellant herein filed Under Section 37 of the Arbitration and Conciliation Act and affirme....

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.... awarded interest at the rate of 18% per annum. Challenging the award, the appeal preferred by the Appellant-Institution Under Section 34 of the said Act came to be dismissed which was affirmed by the High Court by the impugned judgment in the appeal preferred by the Appellant Under Section 37 of the said Act. 4. We have heard Mr. Sudarshan Rajan, learned Counsel appearing for the Appellant-Ins....

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....7. In the absence of agreement to the contrary between the parties, Section 31(7)(a) of the said Act confers jurisdiction upon the Arbitral Tribunal to award interest unless otherwise agreed by the parties at such rate as the Arbitral Tribunal considers 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 arises an....