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2013 (4) TMI 622 - HC - Companies LawSection 37 of the Arbitration & Conciliation Act - Non compliance of clause 52(5) of the agreement - Time barred claims - Held that:- The arbitral tribunal rendered finding of fact that the claims were not barred by law of limitation - While doing so has also interpreted the terms of the contract and the documents placed on record by both the parties - On perusal of the record, it is seen that there was no material placed by the appellant before the arbitral tribunal in respect of each claim in support of the plea of limitation as to how each of such claim was affected by alleged non compliance of clause 52(5) of the agreement and as to whether the procedure under clause 67 was followed or not or was time barred. In view of this position, the arbitral tribunal rendered finding of fact based not on any specific averment advanced by the appellant but on consideration of the documents and on interpretation of the provisions of the contract Act - In my view findings rendered by the arbitral tribunal is not perverse and thus the learned District Judge was right in not interfering with such finding of fact rendered by the arbitral tribunal U/s 34 of the Arbitration & Conciliation Act, 1996 - No case is made out for interference with the order of the arbitral tribunal as well as the learned District Judge in this proceedings U/s 37 of the Arbitration Act. In so far as the plea of interest raised by Mr. Gorwadkar, the learned counsel for the appellant is concerned, it is not in dispute that there is no provision in the contract prohibiting the payment of interest - Held that:- The arbitral tribunal is empowered to award interest under section 31(7)(a) of the Arbitration and Conciliation Act, 1996 for such period and at such rates as the Arbitral Tribunal deems fit - There is no substance in the submission of Mr. Gorwadkar that the claim for interest is beyond the powers of the arbitral tribunal - he arbitral tribunal is empowered to award interest under section 31(7)(a) of the Arbitration and Conciliation Act, 1996 for such period and at such rates as the Arbitral Tribunal deems fit. In my view, there is no substance in the submission of Mr. Gorwadkar that the claim for interest is beyond the powers of the arbitral tribunal.
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