Supreme Court of India
Executive Engineer (r and B) and Others v. Gokul Chandra Kanungo (dead) Thr. His Lrs.
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What the Court ordered
We are of the view that, though it will not be in the interest of justice to interfere with the principal award, this is a fit case wherein the interest at all the three stages, that is pre-reference period, pendente lite and post-award period, requires to be reduced.
Judgment, page 11
From the headnote
Arbitration and Conciliation Act, 1996 – s.31(7)(a) – Arbitral award – Interest on arbitral awards – Discretion vested in arb itral tribunal – Reduction of interest u/Art.142 of the Consti tution – Held: s.31(7)(a) itself requires interest to be at such rate as the arbitral tribunal deems reasonable – When a discretion is vested to an arbitral tribunal to award interest at a rate which it deems reasonable, then a duty would be cast upon the arbitral tribunal to give r easons as to how it deems the rate of interest to be reasonable – Further , the arbitral tribunal would be required to apply
Authorities it was built on
- 2006 Mcdermott Interntional Inc. v. Burn Standard Co. Ltd. and Ors.
- 2014 M/s. Hyder Consulting (uk) Ltd. v. Governor, State of Orissa through Chief Engineer
- 1991 Burn Standard Company Limited v. Mcdermott International Inc. and Another
- 2007 Krishna Bhagyajala Nigam Ltd. v. G. Harischandra Reddy and Anr.
- 2005 Rajendra Construction Company v. Maharashtra Housing and Area Development Authority and Ors.
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