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2017 (8) TMI 1580

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..... Court has set it aside - the reasoning ascribed by the High Court is absolutely justified and there is no reason to interfere. Reduction of interest - HELD THAT:- There is no warrant for reduction of interest. Accordingly, the interest granted by the learned Arbitrator is restored. The appellant shall be entitled to 12% interest on the modified award of the High Court. The amount shall be paid to .....

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..... rned Arbitrator should not have been reduced and further there should not have been reduction of interest. Be it noted, the learned Arbitrator had awarded 12% interest, whereas the High Court has reduced it to 9%. As far as escalation is concerned, the learned Arbitrator had awarded ₹ 1,20,000/- (Rupees one lakh twenty thousand only). The High Court has set it aside. We find that the reasoni .....

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