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U.O.I & Another Versus M.P. Trading & Investment Rac. Corp. Ltd.

2015 (10) TMI 412 - SUPREME COURT

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 t .....

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- 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 – Judgement of the Court modified – Decided in favour of the Respondent. - CIVIL APPEAL NOS.8077-8 .....

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ection 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 .....

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Fixed Deposit in a nationalist bank. Ultimately, the objections were rejected on 02.06.2006 and the appeal thereon was also dismissed on 27.09.2006. Placing reliance on the decision of Himachal Pradesh Housing and Urban Development Authority and Anr .....

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ent 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 .....

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24, 2001 ceased. The High Court, thus, was not right in directing the appellants to pay the interest @18% p.a. beyond May 24, 2001. In the present case, we find that the amount was to be deposited in a Fixed Deposit at the request made by the respond .....

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