M/S Sai Engineering Foundation ... vs Hpseb .......Judgment Debtor on 13 June, 2018
Arbitrator and no particular reason has been assigned in the award for
refusing the post award interest, Section 31 (7) (b), comes into operation,
entitling the claimant-decree holder to interest @18% p.a., from the date of
award. Hon'ble Apex Court in Ranjit Singh Rana's case (supra), while
modifying the judgment rendered by this Court has held that judgment
debtor shall be liable to pay interest @ 18% p.a. for the post award period
from the date of award till its depositing the amount in the High Court. In the
case at hand, Arbitrator has not exercised any discretion in the matter
pertaining to the interest for the post award period and as such, by virtue of
Section 31 (7) (b) of the Act, award would definitely carry interest @ 18% p.a.
from the date of award till its deposit made by the judgment debtor in the
High Court.