Case Law Details
Case Name : H.P. Housing & Urban Development Authority & ANR. Vs Ranjit Singh Ranaf India (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
Learned counsel for the parties are ad idem that the Arbitrator has not exercised any discretion in the matter pertaining to the interest for the post-award period. Obviously, in absence thereof, by virtue of Section 31(7)(b) of the Act, the award would carry interest @ 18% p.a. from the date of the award till 5the date of payment. Whether May 24, 2001 when the entire award amount was deposited by the appellants into the High Court is the date of payment ?
Payment is not defined in the Act. The Concise Oxford English Dictionary (Tenth Edition-revised) defines ‘payment’ ‘1. th...
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What about a Arbitration award; nwere in interest is not mentioned and upheld in Sec34 and in execution petition the court has asked the party to pay interest. What should be the rate of interest pertaining to this case as we are MSME unit.