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Supreme Court of India

M/s Larsen Air Conditioning and Refrigration Company v. Union of India and Ors.

Neutral citation
Reported as [2023] 11 S.C.R. 86
Bench S. Ravindra Bhat and Dipankar Datta JJ.
Decided 11 August 2023

INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.

4 Supreme Court benches have cited this judgment.

What the Court ordered

In view of the foregoing discussion, the impugned judgment warrants interference and is hereby set aside to the extent of modifi cation of rate of interest for past, pendente lite and future interest.

Judgment, page 9

From the headnote

Issue for consideration : Whether the High Court erred in modifying the arbitral award to the extent of reducing the interest, from compound interest of 18% to 9% simple interest per annum. Arbitration and Conciliation Act, 1996 – s.31 – Modifi cation of interest by the High Court – Propriety of: Held : In the instant case, given that the arbitration commenced in 1997, i.e., after the Act of 1996 came into force on 22.08.1996, the arbitrator, and the award passed by them, would be subject to this statute – Under the enactment, i.e. s.31(7), the statutory rate of interest itself is contemplated

Authorities it was built on

Where later benches applied it

Of those, 1 relied on · 3 referred to

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