Arbitral Tribunal cannot award interest when parties to contract agreed it is not payable: Supreme Court

The Court noted that since the arbitrator in the proceedings is the creature of the contract, it has no power to award interest contrary to the terms of the contract.
Arbitral Tribunal cannot award interest when parties to contract agreed it is not payable: Supreme Court
Supreme Court

The Supreme Court on Thursday held that an arbitrator is bound by the terms of the arbitration agreement between parties regarding any award of interest from the date of cause of action to the date of the award (Union of India vs. Manraj Enterprises).

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