Arbitration and Conciliation Act, 1996, Section 31(7)(a) and (b)

Arbitration and Conciliation Act, 1996—Section 31(7)(a) and (b)—Whether the respondent was entitled to interest @ 18% p.a. from the date of the award dated February 14, 2001 till the date of actual payment to the respondent?—Held, no—Once the award amount was deposited by the appellants before the High Court on May 24, 2001, the liability of post-award interest from May 24, 2001 ceased— The High Court, thus, was not right in directing the appellants to pay the interest @ 18% p.a. beyond May 24, 2001.



File Name:- SC_MARCH 2012_7