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Arbitration

Arbitration—Interest on A ward—It is permissible to award interest in arbitral claims by the Tribunal,

Bysclaw

May 14, 2018

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By sclaw

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Arbitration

Arbitration and Conciliation Act, 1996 — Section 31(7)(a) and (b) — Power of Arbitral Tribunal to grant interest — Party Autonomy — Pre-award (pendente lite) interest — Section 31(7)(a) mandates that the Arbitral Tribunal’s discretion to award interest on the sum awarded (from date cause of action arose till date of award) is subject to the agreement between the parties (“unless otherwise agreed by the parties”) — When parties specify a contractual rate of interest in the agreement, subject to no legal bar, this stipulation takes precedence over the Arbitrator’s discretion to deem a rate “reasonable” — Arbitral Tribunal is bound by the contractual terms regarding interest once agreed upon, and the borrower cannot later challenge the rate as unconscionable or against public policy, especially in commercial transactions between parties of equal bargaining power — Post-award interest is governed by Section 31(7)(b) (Paras 51, 53, 56, 64, 65, 70).

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Arbitration and Conciliation Act, 1996 — Section 31(7)(a) and (b) — Power of Arbitral Tribunal to grant interest — Party Autonomy — Pre-award (pendente lite) interest — Section 31(7)(a) mandates that the Arbitral Tribunal’s discretion to award interest on the sum awarded (from date cause of action arose till date of award) is subject to the agreement between the parties (“unless otherwise agreed by the parties”) — When parties specify a contractual rate of interest in the agreement, subject to no legal bar, this stipulation takes precedence over the Arbitrator’s discretion to deem a rate “reasonable” — Arbitral Tribunal is bound by the contractual terms regarding interest once agreed upon, and the borrower cannot later challenge the rate as unconscionable or against public policy, especially in commercial transactions between parties of equal bargaining power — Post-award interest is governed by Section 31(7)(b) (Paras 51, 53, 56, 64, 65, 70).

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