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Head Note

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

Arbitral award - Interest on interest - For the purposes of the Act, 1996, interest could be included within the principal amount only when the said aggregate amount is paid to the party in whose favour the arbitral award was passed - In other words, once the interest amount is within the physical and actual possession of the party so entitled to it, only then could the interest amount be said to have merged with the principal amount - Held that the appellants would not be entitled to claim post-award interest on the aggregate of the principal amount and interest pendente lite, since the said aggregate sum was not in the actual physical possession of the appellants - Further sub- section (7) of section 31 of the Act, 1996, neither makes reference to compounding of interest, nor to awarding interest on interest.

Topic(s)-Arbitration - Interest on interest - In absence of contract no interest on interest