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1989 (1) TMI 355 - SC - Companies LawWhether the interest has been awarded from the date of the institution of the proceedings? Held that:- The award was made on 8th July, 1985 and it was published on 19th July, 1985, and, therefore, the latter date would be taken as the date of the award. We would, however, delete the interest awarded by the arbitrator for the period from 22.8.1984 till the date of the award and confine the interest on the principal sum of ₹ 57,65,273 to interest at 9 per cent from 6.8.1981 till 21.8.1984 (which has been worked out at ₹ 29,82,443). However, in exercise of our powers under section 3 of the Interest Act, 1978 and section 29 of the Arbitration Act, 1940, we direct that the above principal sum or the unpaid part thereof should carry interest at the same rate from the date of the award (19.7.1985) till the date of actual payment.
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