Arbitral Award — Contractual Dispute — The court held that the date of the arbitral award’s enforceability is the date when the objections against it are finally decided, and this date should be used to convert the award amount — If the award debtor deposits some amount before the court during the pendency of proceedings, the date of deposit should be used for conversion — The court further clarified that if the award holder is permitted to withdraw the deposited amount, even if it is conditional and subject to the final decision in the matter, the court must consider that the award holder could access and benefit from such deposit, and it is then the burden of the award holder to furnish security, as required by the court’s orders, to utilize the amount or to make an application for modification of the condition if it is unable to fulfill the same.
2024 INSC 593 SUPREME COURT OF INDIA DIVISION BENCH DLF LTD. (FORMERLY KNOWN AS DLF UNIVERSAL LTD) AND ANOTHER — Appellant Vs. KONCAR GENERATORS AND MOTORS LTD. — Respondent (…