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b) A sum directed to be paid by an arbitral award shall, unless the award otherwise directs, carry interest at the rate of eighteen per centum per annum from the date of the award to the date of payment. '

11. The terms of the loan agreement available in the records of the Arbitrator provide for interest at the rate of 14.5% along with another 4% additional interest in the case of default. The Arbitrator has, upon a consideration of section 31(7) extracted above levied interest at the rate of 18% from date of claim till realization and I find no infirmity in the same. The decision of the Bombay High Court in Angel Infin Pvt. Ltd. vs. Echjay Industries Ltd.(2007(3) ARBLR 110 Bom relied upon by the respondent also supports this conclusion.