Union of India Vs. Bright Power Projects (I) P. Ltd.
|
Head Note
The Arbitration and Conciliation Act, 1996 - Section 31 (7)
Arbitration Award - Interest - Parties to the contract had agreed to the fact that interest would not be awarded on the amount payable to the contractor under the contract - They were bound by their understanding - Having once agreed that the contractor would not claim any interest on the amount to be paid under the contract, he could not have claimed interest either before a civil court or before an Arbitral Tribunal - Held that the Arbitral Tribunal ought not to have awarded interest to the respondent from the date of reference till the date of the award.
Topic(s)-Arbitration - Interest - No interest allowed