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Mode of Citation- ILC-2011-SC-ARB-....
Judgement Subject Index/Important Decision/Topic

ILC-2011-SC-ARB-Jul-1

Union of India Vs. M/s. Krafters Engineering & Leasing (P) Ltd

Arbitral Award  - Arbitral Award

Arbitration petition - Challenging the award given by the Umpire with regard to interest granted - Whether an arbitrator has jurisdiction to grant interest despite the agreement prohibiting the same - No - Supreme Court - Specific prohibition of contract contained in Clause 1.15, the arbitrator ceases to have the power to grant interest. The bar under clause 1.15 is absolute and interest cannot be awarded without rewriting the contract - Award of the arbitrator granting interest in respect of the amount payable to the contractor under the contract set aside - Appeal allowed - No costs.

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Latest Update in Arbitration Law

ILC-2011-SC-ARB-Aug-1

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@2011 Indian law