Supreme Court of India news

Arbitrator Cannot Grant Pre-Award Interest If The Terms Of Agreement Between Parties Prohibit Payment Of Interest

Supreme Court of India news
Supreme Court of India

 

The Supreme Court on dealing with an appeal filed against the judgment of Calcutta High Court which had set aside the arbitration award passed a judgement stating that Relying on Section 31(7)(a) of Arbitration and Conciliation Act 1996, the arbitrator cannot grant interest for the period between the date of cause of action and date of award, if the parties by agreement had resolved that interest shall not be payable.