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<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head> </head>  <body> <div style="font-family:Verdana, Geneva, sans-serif; font-size:12px; text-align:justify"> <table width="800" border="0" style="border:1px solid #ccc;padding:5px;" align="center" cellpadding="6" cellspacing="0">  <tr>   <td align="left" valign="top">   <br />   Supreme Court <br /><br /> Contract must explicitly bar pendente lite interest to prevent arbitral award<br /><br /> MANU/SC/0309/2016 - (16 Mar 2016)<br /><br />  </td>  </tr>    <tr>   <td align="left" valign="top">Union of India (UOI) v. Ambica Construction</td>  </tr>    <tr>   <td align="left" valign="top" style="background-color:#FDEDCE"><strong>An Arbitrator cannot award interest pendente lite if the same is barred expressly by contract. The Supreme Court distinguished an explicit contractual provision such as this from a bar to award interest on delayed payment, which by itself would not preclude the Arbitrator’s authority. It added, “award of pendente lite interest inter alia must depend upon the overall intention of the agreement and what is expressly excluded.”</strong></td>  </tr>  <tr>   <td align="left" valign="top" ><strong>Relevant : State of Orissa v. B.N. Agarwalla <manuid>MANU/SC/0204/1997</manuid>

Tehri Hydro Development Corporation Limited and Anr. v. Jai Prakash Associates Limited <manuid>MANU/SC/0806/2012</manuid>

Section 31 Arbitration and Conciliation nActCompID=315, 1996</strong></td>  </tr>   <tr>   <td align="left" valign="top" ><strong>Tags : Arbitration, interest, award, pendente lite</strong></td>  </tr> <tr>   <td align="left" valign="top">&nbsp;</td>  </tr>  <tr>      <td align="left" valign="top"><strong>Source : newsroom.manupatra.com</strong></td>  </tr> <tr>   <td align="left" valign="top">&nbsp;</td>  </tr>  <tr>   <td align="left" valign="top">Regards</td>  </tr>  <tr>   <td align="left" valign="top">Team Manupatra</td>  </tr>  <tr>   <td align="left" valign="top">&nbsp;</td>  </tr>   </table> </div> </body> </html>