9911796707
TMI Blog2019 (9) TMI 1706X X X X Extracts X X X X X X X X Extracts X X X X ..... hole or any part of the period between the date on which the cause of action arises and the date on which the award is made - In the present case, the parties have agreed for the rate of interest at 18% per annum. However, since the award is of the year 1999 and considering the facts that the learned Senior Counsel had left the matter to the discretion of the court - in exercise of the power Under Article 142 of the Constitution of India, the interest at the rate of 18% awarded by the Arbitral Tribunal is to be reduced. Considering the fact that the contract relates to construction of Advanced Pediatrics Centre of the Post Graduate Institute of Medical Research and Education, Chandigarh and also other facts and circumstances of the case, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 31.12.1999 awarded an amount of Rs. 1,17,00,000/- (Rupees one crore seventeen lakhs) against claim of Rs. 10,63,00,000/- (Rupees ten crore sixty three lakhs) made by the Respondent-Company. After referring to Section 31(7) of the Arbitration and Conciliation Act which vests authority to award the interest, learned Arbitrator awarded interest at the rate of 18% per annum. Challenging the award, the appeal preferred by the Appellant-Institution Under Section 34 of the said Act came to be dismissed which was affirmed by the High Court by the impugned judgment in the appeal preferred by the Appellant Under Section 37 of the said Act. 4. We have heard Mr. Sudarshan Rajan, learned Counsel appearing for the Appellant-Institution and also Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case, in our view in exercise of the power Under Article 142 of the Constitution of India, the interest at the rate of 18% awarded by the Arbitral Tribunal is to be reduced. 8. Considering the fact that the contract relates to construction of Advanced Pediatrics Centre of the Post Graduate Institute of Medical Research and Education, Chandigarh and also other facts and circumstances of the case, in exercise of our power Under Article 142 of the Constitution of India, the orders of the learned Arbitrator as affirmed by the High Court so far as the rate of interest is concerned is modified and the same is reduced from 18% to 10% per annum simple interest. The award amount along with the accrued interest at the rate of 10% per annum ..... X X X X Extracts X X X X X X X X Extracts X X X X
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