Bombay High Court Partially Sets Aside Arbitral Award in Union of India v. Richa Constructions — Interest on Delayed Payment of Running Account Bills and Compensation for Loss of Profit on Unexecuted Work. The court upheld the award of simple interest at 12% per annum on delayed payment of running account bills but set aside the award of interest on interest, and reduced the compensation for loss of profit from 10% to 7.5%.
3 Jun 2019The Union of India filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an arbitral award dated 29 March 2017,...




