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2015 (10) TMI 412 - SUPREME COURT

2015 (10) TMI 412 - SUPREME COURT - TMI - Payment of Interest under Section 34 of Arbitration & Conciliation Act Respondents deposited the principal amount before the High Court and requested the same to be made as Fixed Deposit which was ultimately dismissed - Contended by the Appellant that once the amount is deposited in Court, there is no liberty to pay interest in terms of the award - Held That:- Appellants shall be entitled to interest as per award from the date of award till the princip .....

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t 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 03.03.2003. Subsequently, by order dated 22.05.2003, the High Court, on the request made by the respondent, .....

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ms of the award. Paragraph 15 of the Judgment reads as under :- The word 'payment' may have different meaning in different context but in the context of Section 37(1)(b); it means extinguishment 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 .....

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