The ruling reaffirms the statutory scheme under Section 31(7)(b) of the Arbitration Act which subordinates an arbitral tribunal’s power to award pre-award interest to the parties’ contractual agreement. The Supreme Court clarified the distinction between the pre-award interest and post-award interest, while recognising the statutory mandate of granting post-award interest unless agreed otherwise.
Please click here to read the full article by Harshavardhan Abburi, Partner; Poojitha Babbepalli, Principal Associate; and Pooja Gandhi, Associate, published in Mondaq.
Harsha has worked extensively in Litigation and Corporate Commercial matters. He has appeared and advised on various Forums including High Court, NCLT, Civil Courts, Consumer Commissions, etc.