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2012 (3) TMI 641 - SUPREME COURTAward of interest on interest from the date of award - The High Court considered the diverse provisions of the Act including Section 31(7)(a) and (b) of the Act and few decisions of this Court and ultimately held that the Respondent was entitled to post- award interest @ 18% p.a. from the date of the award till the date of the actual payment. It is this order which is in appeal before us. HELD THAT:- The appeal is, accordingly, allowed in part. The impugned order of the High Court is modified and it is directed that the Appellants shall be liable to pay interest @ 18% p.a. for the post-award period from the date of award until May 24, 2001. After May 24, 2001, the Appellants are not liable to pay any interest on the award amount under Section 37(1)(b) of the Act. the amount as per the impugned order dated March 5, 2009 was deposited by the Appellants which has been withdrawn by the Respondent. In light of this, court observe that the High Court shall now re-determine the amount due and payable to the Respondent under the award and the post- award interest as indicated above. The excess amount, if withdrawn by the Respondent shall be refunded to the Appellants within two months of re-determination by the High Court.
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