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SC held Arbitral Tribunal coudn’t grant pre-award or pendente lite interest when contract prohibited It
Case Law Details
- Case Name
- Union of India & Ors. Vs Larsen & Tubro Limited (L&T) (Supreme Court of India)
- Appeal Number
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- Date of Judgement/Order
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- Courts
- Supreme Court of India
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Union of India & Ors. Vs Larsen & Tubro Limited (L&T) (Supreme Court of India)
Conclusion: Once the parties had contractually agreed to exclude interest, Arbitral Tribunal, being a creature of the contract, could not award pre-award or pendente lite interest even in the guise of “compensation”. However, post-award interest stood on a different footing. Since the GCC barred interest only till the date of the award, the Arbitral Tribunal was justified in granting post-award interest.
Held: The dispute arose from a turnkey contract between North Central Railway (Union of India) an...
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