Arbitration and Conciliation Act, 1996, Section 31(7) -- Arbitral award - Rate of interest - Award of interest for pre-reference and pendente lite period is subject to agreement between parties - However, in the absence of agreement between parties, Tribunal has discretion to award interest as it deems reasonable...........
Arbitration and Conciliation Act, 1996, Section 31(7) -- Arbitral award - Rate of interest - Post award period - Interest on post award period is not subject to agreement between parties - Statutory rate of interest is 2% higher than current rate of interest prevalent on date of award...........
Arbitration and Conciliation Act, 1996, Section 31(7) -- Arbitral award - Rate of interest - Dual rate of interest has been awarded by Tribunal i.e payment of interest @ 9% for 120 days post award and if amount awarded is not paid within 120 days, rate of interest is scaled up to 15% on sum awarded - Award of a much higher rate of interest after 120 days is arbitrary,..........
Arbitration and Conciliation Act, 1996, Section 34 -- Petition u/s 34 of the Act - Court while deciding said petition has no jurisdiction to remand matter to Arbitrator for a fresh decision...........
Arbitration and Conciliation Act, 1996, Section 11 -- Appointment of sole arbitrator - Dispute between government company and State through its authority Maharashtra Housing and Area Development Authority (MHADA) - Dispute between parties not resolved by mutual hearing - Keeping in view the nature of controversy, status of parties and mandate contained in O.27.R.5 CPC,..........
Arbitration and Conciliation Act, 1996, Section 34, Limitation Act, 1963, Section 17 -- Applicability of S.17 of Limitation Act to Arbitral award - Once party has received award, limitation period u/s 34(3) of Arbitration Act commences - S.17 of Limitation Act would not come to rescue of such objecting party...........
Arbitration and Conciliation Act, 1996, Section 34, Limitation Act, 1963, Section 17 -- Applicability of S.17 of Limitation Act to Arbitral award - Once respondents received award, time u/s 34(3) commenced and any subsequent disability even as per S.17 or S.9 of Limitation Act is immaterial - Merely because appellant committed some fraud, it would not affect respondents..........
Arbitration and Conciliation Act, 1996, Section 34, Limitation Act, 1963, Section 17, 29(2) -- Applicability of S.17 of Limitation Act to Arbitral award - Arbitration Act is a `special law' which prescribes a specific period of limitation in S.34(3) for filing objections to an arbitral award passed under Arbitration Act - Consequently, provisions of Arbitration Act would..........
Arbitration and Conciliation Act, 1996, Section 34, Limitation Act, 1963, Section 17, 29(2) -- Applicability of S.17 of Limitation Act to Arbitral award - Extending S.17 of Limitation Act to S.34 of Arbitration Act would do violence to scheme of Arbitration Act and go contrary to principle of `unbreakability' enshrined u/s 34(3) of Arbitration Act...........
Arbitration and Conciliation Act, 1996, Section 34, Limitation Act, 1963, Section 17 -- Applicability of S.17 of Limitation Act to Arbitral award - Finality is a fundamental principle enshrined under Arbitration Act and a definite time limit for challenging an award is necessary for ensuing finality - If S.17 were to be applied, an award can be challenged even after 120..........
