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1995 (11) TMI 431 - SC - Indian LawsPower and jurisdiction of an Arbitrator to award interest for the period between the making of the reference to the arbitrator and his entering upon the reference (prereference period) after the coming into force of The Interest Act, 1978? Held that:- The law is now well settled that the arbitrator has the power and jurisdiction to grant pre-reference interest in references made after the coming into force of the Interest Act, 1978. The division Bench of the High Court was thus clearly in error in holding that the arbitrator had no jurisdiction to award interest from 1.4.84 till 8.2.1985 (pre-reference period ) in the post Interest Act, 1978 era. So far as the grievance of the appellant pertaining to the dis-allowance of the claim of ₹ 23,685/- under Clauses 1, 3 & 4 is concerned, we do not find any error to have been committed by the High Court. The above view of the division Bench therefore, cannot be sustained.
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