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Gaurav Deep Goel (Advocate and In House Consultant)     19 May 2015

Remand of arbitral award by the adj. what about the interest

A dispute arises between two parties and Arbitration proceedings are initiated. The arbitrator passes the arbitral award in favour of one of the parties with along interest @ 9% p.a after a period of almost 2 years after the institution of procceedings. The second party challenges the award by filing objections under section 34. the Ld. ADJ remands the case back to the arbitrator after a period of almost 1 year. Now, the case has been remaded back since there were discripensies in the award of the arbitrator? Now, why should party pay interest for the said period. Kindly help me with a judgement in this regard that the litigant is not liable to pay interest for the period the matter was pending with the Arbitrator and the ADJ before remanding it back. Or Kindly help with the said law. 



Learning

 2 Replies

bsrao   20 May 2015

There is no such thing as the party who took money not paying reasonable interest during the pendency of the litigation/dispute. Even Arb. proceedings are deemed to be under dispute. The Arbitrator may give the same award saying that he has no reason to revie his order. 

Saurendra Rautray (advocate)     02 June 2015

Hi,

Did you say Section 34 had been filed before the Learned ADJ instead of District Judge court. You should have challenegd the jurisdiction of the court hearing Section 34. 

Regards

Saurendra Rautray

Rautray & Co

New Delhi.

www.rautray&co

09437008255


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