Arbitration Law
Mode of Citation- ILC-2017-SC-ARB-....
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Arbitration Law
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Arbitration Law
Mode of Citation- ILC-2017-SC-ARB-....
Judgement Subject Index/Important Decision/Topic

ILC-2016-SC-ARB-Jan-1

National Highway Authority of India Vs. M/S NCC-KNR (JV)

Head Note

Arbitral Award  - Arbitral Award

Arbitration - Interest - Arbitral award - Decretal amount - Interest - Refund of interest -Plea that decretal amount was withdrawn by the respondent in December 2012 whereas the appeal was allowed in favour of the appellant on 24.4.2015 - Respondent had reaped the benefits of decretal amount for more than three years - Arbitral Tribunal had awarded interest @ 12% per annum against the appellant and it is prayed that the respondent be directed to pay interest @ 12% per annum on the amount of Rs.70,65,039/- from the date of withdrawal till the date of actual payment - Matter in issue in Civil Appeal No.6158 of 2013 pertained only to Claim No.8-Held that appellant certainly entitled to interest at the same rate on the amount which was enjoyed by the respondent - Entitlement of the respondent to this amount stood negated by judgment and order dated 24.04.2015 and as such the respondent must pay back the amount with interest at the same rate - Directed that the respondent shall pay interest at the rate of 12% per annum on the amount in question namely Rs.70,65,039/- from the date of withdrawal till the amount was made over by the respondent to the appellant.

Topic(s)-Arbitration - Interest on refund allowed







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@2016 Indian Law
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