B.L. Gupta Construction (P) Ltd vs Bharat Cooperative Group Housing ... on 5 November, 2003
"5. The Hon'ble Supreme Court in B.L.
Gupta Construction Company's case (Supra) held
that the arbitrator had exercised his jurisdiction
under Section 34 of the C.P.C. by grant of
pendente lite interest at the rate of 18% per
annum and the High Court could not have
interfered with the said discretionary order where
no reason was assigned for the same. The
Hon'ble Supreme Court, however, reduced the
rate for pre-reference stage and pre-arbitration
stage to 10% per annum payable to the party.