Supreme Court · 2023 INSC 708 · Decided 11 August 2023
M/S Larsen Air Conditioning and Refrigration Company v. Union of India and ORS.
- Court
- Supreme Court of India
- Citation
- 2023 INSC 708 · [2023] 11 S.C.R. 86
- Case number
- CIVIL APPEAL No. 3798/2023
- Decided
- 11 August 2023
- Bench
- S. RAVINDRA BHAT, DIPANKAR DATTA (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Arbitration Act Section 31, 34, 37
Headnote
HEADNOTES Issue for consideration : Whether the High Court erred in modifying the arbitral award to the extent of reducing the interest, from compound interest of 18% to 9% simple interest per annum. Arbitration and Conciliation Act, 1996 - s.31 of interest by the High Court - Propriety of: Held : In the instant case, given that the arbitration commenced in 1997, i.e., after the Act of 1996 came into force on 22.08.1996, the arbitrator, and the award passed by them, would be subject to this statute - Under the enactment, i.e.
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