TMI Blog2012 (3) TMI 641X X X X Extracts X X X X X X X X Extracts X X X X ..... e to pay interest @ 18% p.a. for the post-award period from the date of award until May 24, 2001. After May 24, 2001, the Appellants are not liable to pay any interest on the award amount under Section 37(1)(b) of the Act. the amount as per the impugned order dated March 5, 2009 was deposited by the Appellants which has been withdrawn by the Respondent. In light of this, court observe that the High Court shall now re-determine the amount due and payable to the Respondent under the award and the post- award interest as indicated above. The excess amount, if withdrawn by the Respondent shall be refunded to the Appellants within two months of re-determination by the High Court. - Civil Appeal No. 2751 of 2012 (Arising out of S.L.P. (C) No. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Award dated February 14, 2001 by filing Execution Petition on August 12, 2008. The Appellants filed objections to the Execution Petition. 4. The question before the High Court was whether the Respondent was entitled to interest @ 18% p.a. from the date of the award dated February 14, 2001 till the date of actual payment to the Respondent. 5. The High Court considered the diverse provisions of the Act including Section 31(7)(a) and (b) of the Act and few decisions of this Court and ultimately held that the Respondent was entitled to post- award interest @ 18% p.a. from the date of the award till the date of the actual payment. It is this order which is in appeal before us. 6. There is no dispute that the entir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , in retard to the post-award period, interest is payable as per the discretion of the Arbitral Tribunal and in the absence of exercise of such discretion, at a mandatory statutory rate of 18% per annum. This Court further observed in para 24.6 as under: ...but if the award is silent in regard to the interest from the date of award, or does not specify the rate of interest from the date of award, then the party in whose favour an award for money has been made, will be entitled to interest at 18% per annum from the date of award. He may claim the said amount in execution even though there is no reference to any post-award interest in the award. Even if the pre-award interest is at much lower rate, if the award is silent in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 right in directing the Appellants to pay the interest @ 18% p.a. beyond May 24, 2001. 12. The appeal is, accordingly, allowed in part. The impugned order of the High Court is modified and it is directed that the Appellants shall be liable to pay interest @ 18% p.a. for the post-award period from the date of award until May 24, 2001. After May 24, 2001, the Appellants are not liable to pay a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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