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2010 (8) TMI 1086 - SC - Indian LawsPetition filled u/s 34 of the Arbitration and Conciliation Act, 1996 (‘Act’) - non-award of interest pendente lite - HELD THAT:- We are of the view that the decisions in Engineers-De-Space-Age[1995 (12) TMI 400 - SUPREME COURT] and Madnani [2009 (12) TMI 1007 - SUPREME COURT] are inapplicable for yet another reason. In Engineers-De-Space- Age and Madnani the arbitrator had awarded interest for the pendente lite period. This court upheld the award of such interest under the old Act on the ground that the arbitrator had the discretion to decide whether interest should be awarded or not during the pendente lite period and he was not bound by the contractual terms insofar as the interest for the pendente lite period. But in this case the arbitral tribunal has refused to award interest for the pendente lite period. Where the arbitral tribunal has exercised its discretion and refused award of interest for the period pendente lite, even if the principles in those two cases were applicable, the award of the arbitrator could not be interfered with. On this ground also the decisions in Engineers- De-Space-Age and Madnani are inapplicable. Be that as it may. For the aforesaid reasons, we find no merit in these appeals and they are dismissed.
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