Supreme Court · 2019 INSC 875 · Decided 8 August 2019
M/S Shahi and Associates v. State of U.P. & ORS.
- Court
- Supreme Court of India
- Citation
- 2019 INSC 875 · [2019] 11 S.C.R. 640
- Case number
- CIVIL APPEAL No. 3559/2010
- Decided
- 8 August 2019
- Bench
- ARUN MISHRA, S. ABDUL NAZEER, M.R. SHAH (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Arbitration Act Section 31(7)(b)
Headnote
Arbitration and Conciliation Act, 1996: s. 31(7)(b) - Reduction of rate of interest - Arbitral award along with interest payable in accordance with s. 31(7(b), at the rate of 18% pa - District judge reduced the rate of interest on the sum awarded from 18% to 6% of s. 24 of the UP Amendment Act - Upheld by the High Court - On appeal, held: Section 31(7)(b) clearly states that unless otherwise specified, the awarded sum would carry an interest @ 18% pa - Para 7-A of s. 24 of the U.P. Amendment Act was an amendment to the First Schedule
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