The Supreme Court, while overruling its earlier judgment passed in State of Haryana and Others v. S.L. Arora and Company, (2010) 3 SCC 690, held that Arbitral Tribunal is well empowered to grant interest even in the absence of clause in the contract for grant of interest while exercising its power under Section 31(7) of the Arbitration and Conciliation Act, 1996.
Arbitrators empowered to pass award post award interest on interest pendente lite
Updated: Jan 18
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