Search Results Page
Search Results
1 - 10 of 13 (0.59 seconds)The Arbitration Act, 1940
M/S Oriental Structural Engineers Pvt. ... vs State Of Kerala on 22 April, 2021
In our opinion, the view taken by the Tribunal on
consideration of the contract was both reasonable and
possible view. We, however, are of the opinion that the
rate at which interest has been directed to be paid as
contained in paragraphs 1.6 and 1.8 of the award,
which we have reproduced above, are rather excessive.
As the agreement is silent on the point of rate of
interest but provides for payment of interest on delayed
payment, the Tribunal's exercise of fixing the rate
should have been on the basis of applying the principle
laid down in paragraph 43.(i).
M/S Hyder Consulting(Uk) Ltd vs Governer State Of Orissa Tr.Chief Eng on 25 November, 2014
18. The Learned Counsel for the claimant respondent
has also referred to judgment of the Hon'ble Jarkhand
High Court reported in 2023 SCC OnLine Jhar 380
Central Coalfields Limited, through its General
Manager (CMC) Alakesh Roy Vs Rajdhani Carriers
19
`Com.A.P.No.25/2024
Pvt Ltd and judgments of the Apex Court reported in
(2015) 2 SCC 189 Hyder Consulting (UK) Limited
vs. Governor, State of Orissa and (2023) 1 SCC
602 Morgan Securities and credits Private Limited
vs. Videocon Industries Limited.
Morgan Securities And Credits Pvt. Ltd. vs Videocon Industries Ltd. on 1 September, 2022
18. The Learned Counsel for the claimant respondent
has also referred to judgment of the Hon'ble Jarkhand
High Court reported in 2023 SCC OnLine Jhar 380
Central Coalfields Limited, through its General
Manager (CMC) Alakesh Roy Vs Rajdhani Carriers
19
`Com.A.P.No.25/2024
Pvt Ltd and judgments of the Apex Court reported in
(2015) 2 SCC 189 Hyder Consulting (UK) Limited
vs. Governor, State of Orissa and (2023) 1 SCC
602 Morgan Securities and credits Private Limited
vs. Videocon Industries Limited.
Manalal Prabhudayal vs Oriental Insurance Co. Ltd on 18 August, 2006
The learned
counsel for the claimant/respondent also referred to a
judgment of Hon'ble Apex Court in (2009) 17 SCC
296 Manalal Prabhudayal vs. Oriental Insurance
Company Limited. I have gone through above cited
decisions wherein the Hon'ble Apex Court and the
Hon'ble Jharkhand Court has made observations
regarding power of the Arbitrator to award interest and
has observed that the Arbitrator has got powers to
grant interest for preference period, during the
pendency of the litigation and for the post award period
provided the rate of interest is reasonable and there is
no provision to the contrary in the Arbitral agreement.
In fact the Hon'ble Apex Court in the above decisions
has affirmed awarding interest at the rate of 12% by
the Arbitrator which is also the existing scenario in this
case. The award passed by the Learned Arbitrator for
the purpose of clarity with respect to the interest is
reproduced as under: