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Head Note

The Arbitration and Conciliation Act, 1996  - Section 34

Arbitral Award - Challenge as to - Interest - Claim for interest for the period when the proceedings under Section 34 of the Act were pending before the High Court - Amount was to be deposited in a Fixed Deposit at the request made by the respondent - It is not seen that the respondent has made any request before the High Court for withdrawal of the amount deposited as per the directions by the High Court - Held that the appellants shall be entitled to interest as per award from the date of award till the principal amount was deposited in the High Court on 03.03.2024 - From the said date of 03.03.2024 till it was withdrawn, the respondent shall be entitled only to the interest accrued on the principal amount in terms of the Fixed Deposit made as per the direction by the High Court - Respondent shall be entitled to the interest in terms of the award on the balance of the award amount which the appellants failed to deposit in Court, as per the award.

Topic(s)-Arbitration - Interest - Position clarified