fixed keeping in mind the
London Inter-Bank Offered Rate (in short LIBOR).
(xvi) As regards rejection of counter claims, the arguments advanced on
merits ... discretion of the arbitral Tribunal to award interest was not
circumscribed by LIBOR. In support of this submission, reliance was
placed on a judgment
petitioner that
interest ought to have been awarded on the basis of libor in respect of
the claims awarded in USD was concerned, learned counsel ... that the interest
should have been given on the basis of libor and not at the rate of 12%
per annum.
32. Insofar
note,
that the advance payment made by the respondents carried interest at LIBOR
plus one (1) percent.
6. It may be pertinent to note
this
Settlement Agreement such sum shall bear a
delayed payment charge at LIBOR one year
base."
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ITR 292-92 Page 3 of 17
ARTICLE ... settlement, a further amount towards „delayed payment
charge‟ at LIBOR one year base, would also be paid to the
assessee.
2.6 Article
payment received against exports is 'London Inter-Bank Offered
Rate' (LIBOR) + 100 basis points. Reliance in this regard has been placed
this circumstance, that the Court took recourse to
London Interbank Offer Rate [„LIBOR‟.] Notably, in paragraph 2.14, the
Supreme Court noted that the challenge
December 1997 including the post award rate of interest,
based on the LIBOR which is prevailing during the relevant time
period, until payment is made
contractor could not seriously dispute the
position as it would be "LIBOR" rates which would apply once the award is
made in terms
mentioned therein ought to be applicable, that is, interest should not exceed
Libor plus 2%.
8. I am, prima facie, of the view that since
