9911796707
TMI Blog2015 (10) TMI 412X X X X Extracts X X X X X X X X Extracts X X X X ..... payment of interest when the proceedings under Section 34 of the Arbitration and Conciliation Act, 1956 were pending before the High Court. In the case before us, we find that the award was passed on 02.03.2001. When the matters were pending before the High Court, there was a direction vide order dated 04.02.2003 to deposit the Principal amount before the High Court. The amount was deposited on 03 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tinguishment of liability arising under the award. It signifies satisfaction of the award. The deposit of the award amount into the Court is nothing but a payment to the credit of the decree-holder. In this view, once the award amount was deposited by the appellants before the High Court on May 24, 2001, the liability of post-award interest from May 24, 2001 ceased. The High Court, thus, was not r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the interest accrued on the principal amount in terms of the Fixed Deposit made as per the direction by the High Court. However, the respondent shall be entitled to the interest in terms of the award on the balance of the award amount which the appellants failed to deposit in Court, as per the award. The impugned Judgment of the High Court is modified to the above extent. The Civil Appeals are d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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