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1 - 3 of 3 (0.16 seconds)Jaiprakash Associates Ltd. ... vs Tehri Hydro Development Corporation ... on 7 February, 2019
21. There is no provision in the Agreement which prohibits
award of interest. Thus, the decision in Jaiprakash Associates
Ltd. Through Its Director v. Tehri Hydero Development
Corporation India Ltd. Through Its Director (supra) is clearly
inapplicable. In that case, the challenge to the arbitral award was
sustained as the contract between the parties prohibited grant of
any interest. Clearly, award of interest contrary to the express
terms of the agreement between the parties would be susceptible
to challenge under Section 34 of the A&C Act. But since there is
no agreement proscribing award of interest, the award of interest
cannot be faulted.
Punjab State Civil Supplies ... vs Ganpati Rice Mills on 20 October, 2021
20. The contention that the arbitral award is vitiated as the
Arbitral Tribunal has awarded exorbitant interest is equally
unmerited. The Arbitral Tribunal has awarded interest at the rate
of 12% per annum. The same cannot be considered by any stretch
of imagination as exorbitant. The Hon'ble Supreme Court in a
recent decision in Punjab State Civil Supplies Corporation
Limited (PUNSUP) and Anr. v Ganpati Rice Mills: SLP (C)
36655 of 2016, decided on 20.10.2021, has held that the Arbitral
Tribunal has wide discretion in awarding interest under Section
Signature Not Verified
Digitally Signed
By:DUSHYANT
O.M.P.(COMM.) 432/2019 Page 8 of 11
RAWAL
31(7)(a) of the A&C Act and the impugned award cannot be
interfered with except on the ground as set out in Section 34 of
the A&C Act.
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