Bombay High Court Partially Allows Petition Against Arbitral Award in Hire Purchase Dispute — Reduces Interest Rate from 36% to 24% per annum. Court holds that 36% per annum interest on delayed payments is penal and excessive, and reduces it to 24% per annum under Section 34 of the Arbitration and Conciliation Act, 1996.
8 Jan 2015The petitioners, Ashwin Crane & Construction and Ashwin Virji Dhame, filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996, ...




