Chelameshwar- corporate law firms in delhi

SUPREME COURT: ARBITRATOR CANNOT GRANT PRE-AWARD INTEREST IF THE TERMS OF AGREEMENT BETWEEN PARTIES PROHIBIT PAYMENT OF INTEREST

A bench comprising of Justice J. Chelameswar and Justice Abdul Nazeer have held that, relying on Section 31(7) (a) of Arbitration and Conciliation Act 1996, an Arbitrator cannot grant interest for the period between the date of cause of action and date of award, if the parties by agreement had resolved that interest shall not be payable.