Supreme Court of India
M/s D. Khosla and Company v. The Union of India
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.
What the Court ordered
In view of the above legal position, we have to examine the award in question and the decree drawn in pursuance thereof to find out if compound interest or interest upon interest has been awarded.
Judgment, page 7
From the headnote
Issue for Consideration Arbitrator passed award granting interest for two periods-(i) Pre- award period, from the date of completion of the work up to the date of the award @ 12% per annum (simple interest); and (ii) Post- award, from the date of the award till the date of its payment or the date of the court decree @ 15% per annum. Whether interest was payable on interest or whether 15% interest per annum awarded would be on the principal sum award plus 12% per annum interest on it for the pre-award period. Headnotes† Arbitration Act, 1940 – ss.29, 17 – Interest Act, 1978 – s.3 – Code of
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