Case Law Details
Case Name : Indian Oil Corpn. Ltd. Vs U.B. Engineering Ltd. (Supreme Court of India)
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Supreme Court of India
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Indian Oil Corpn. Ltd. Vs U.B. Engineering Ltd. (Supreme Court of India)
The issue whether the learned Arbitrator could have awarded the interest on the interest of Rs. 2,27,58,137.08 from the date of award till realization and whether the same can be said to be interest on interest is now not res integra in view of the decision of this Court in the case of Hyder Consulting (UK) Limited vs. Governor, State of Orissa, (2015) 2 SCC 189. In paras 27-32, it is observed and held as under:-
“27. Section 31(7)(a) employs the words “…the Arbitral Tribunal may include in the sum for which...
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As per Section 31(7)(b) of the Act, A sum directed to be paid by an arbitral award shall, unless the award otherwise directs, carry interest at the rate of two per cent. higher than the current rate of interest prevalent on the date of award, from the date of award to the date of payment