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Head Note

The Arbitration and Conciliation Act, 1996  - Section 31 (7)

Power to award interest - Due to delay in completion of work, respondent's claim not settled - Arbitral award passed in favour of the respondent - Counter-claims of appellants rejected and Rs. 14,94,000/- awarded with interest to the respondent - Application for modification of the amount claimed - Executing Court accepted the revised calculation made by the respondent - Appellants filed petition against the said order which was dismissed by the High Court - Section 31(7) of the Act does not authorizes and enables arbitral tribunals to award interest on interest in the absence of any provision for interest upon interest in the contract - The arbitral tribunals have no power to award interest upon interest, or compound interest - Impugned judgement of the Executing Court and of the High Court set aside.

Topic(s)-Power to Award Interest

Important Decision(s)- Section 31(7) of the Act does not authorizes and enables arbitral tribunals to award interest on interest in the absence of any provision for interest upon interest in the contract.