Contract Clause Not Enough to Deny Pendente Lite Interest: SC

Oil And Natural Gas Corporation Ltd. Vs  & T Beckfield Drilling Services Pvt. Ltd. (Supreme Court of India) Pendente Lite Interest Survives Contractual Bar- Contract Clause Not Enough to Deny Interest Supreme Court Upholds Contractor’s Right Against ONGC In a significant ruling, the Supreme Court dismissed ONGC’s appeal & upheld the arbitral award granting interest @12% p.a. from the date of filing of claim before the arbitral tribunal. FACTS ONGC had suffered an arbitral award dated 21.11.2004 directing payment of USD 6,56,272.34 along with 12% interest per annum from 12.12.1998...