Supreme Court Partly Allows Appeal in Arbitration Case, Modifying Interest Award Due to Claimant's Delay and Unreasonable Rate. Arbitrator's Discretion Under Section 31(7)(a) of Arbitration and Conciliation Act, 1996 Must Be Exercised with Reasons, and Interest Cannot Be Awarded for Periods of Inaction, with Rate Reduced from 18% to 9% and 6%.
30 Sep 2022The dispute originated from a construction contract awarded in 1971 for building a road link, with completion delayed until 1977. The contractor, afte...
