Judgment Search Results Home > Cases Phrase: arbitration act 1940 repealed section 29 interest on awards Page 1 of about 2,807 results (0.129 seconds)

M/S Shahi and Associates Vs. State of u.p. .

Court : Supreme Court of India

..... 5 since the arbitration act, 1940, has been repealed under section 85 of the act of 1996, the schedule to arbitration act, 1940 also stands repealed and para 7 a has become obsolete. ..... section 31(7)(b) of the act of 1996, before its amendment by act 3 of 2016, which has come into force with effect from 23.10.2015, is relevant for the purpose of this case, empowers the arbitrator to award pre award and post award interest. ..... from the date of award to the actual date of payment an interest at the rate which is given in the provisions of section 31(7)(b) of the arbitration and conciliation act, 1996 shall also be payable on rs. ..... section 31(7)(b) of the act of 1996 clearly mandates that, in the event the arbitrator does not give any specific directions as regards the rate of interest on the amount awarded, such amount 'shall' carry interest @ 18% p.a. ..... the arbitrator further held that the interest on the sum awarded would be payable in accordance with section 31(7)(b) of the act of 1996, i.e. 18% p.a. ..... the interest awarded by the arbitrator in accordance with section 31(7)(b) of the act of 1996 is restored.14. .....

M/s Larsen Air Conditioning And Refrigeration Company Vs. Union Of Ind ...

Court : Supreme Court of India

..... arbitration act, 1940 has been repealed by way of section 85 of the 1996 act, the schedule to the arbitration act, including the state amendment, also stands repealed ..... the 18% per annum rate of interest, as awarded by the arbitrator on 21.01.1999 (in claim no.9) ..... to pre-amended section 31(7)(b) of the 1996 act, it was contended that the high court erred in reducing the statutory interest rate ; this provision prescribed that in the event the arbitrator did not give any specific directions as regards rate of interest on amount awarded, such amount shall carry interest of 18% per ..... section 31(7)(b) of the 1996 act clearly mandates that, in the event the arbitrator does not give any specific directions as regards the rate of interest on the amount awarded, such amount shall carry interest ..... amended provision, empowers the arbitrator to award both pre-award and post-award interest, and specifies that the awarded sum would carry an interest of 18% per annum, unless provided otherwise, from the date of award till the date of payment ..... and therefore, in exercise of article 142, this court reduced the rate of interest awarded by the tribunal on the sum left unpaid. ..... solicitor general (asg), appearing on behalf of the respondent-state, argued that the impugned judgment had taken a holistic view of the matter, and rightfully reduced the interest from 18% compound interest to 9% simple interest, in addition to disallowing claim no.6 of 3,00,000 awarded by the arbitrator for non-issuance of tender. .....

M/S Sukumar Chand JaIn Vs. Attam Vallabh Cooperative Group Housing

Court : Delhi

..... the appellant had objected to an award dated 17.02.2009 under sections 30/33 (of the now repealed) the arbitration act, 1940. ..... the objector/claimant had relied upon the circumstance that in the substantive portion of the award while dealing with issue no.8, the arbitrator held that the claimant would be entitled to interest @ 12% from the date when it is due till payment of the amount due. ..... the juxtaposition of the findings in the award on the one hand and the conclusive or operative portion - immediately extracted above - would reveal that even while granting the interest @ 12% from the due date, which works out to 19.02.1993, the arbitrator fell into an obvious and patent error in confining the pendente lite interest claim to two years, while arriving at a fao (os) 600/2009 page 5 figure of rs.9,64,288.80. ..... he also argues that once the arbitrator held - in relation to issue no.8 - that the interest was payable from the due date which in fact was 19.02.1993; the assumption that interest was payable only for two years while working out the amount due in a later paragraph of the same award, was an obvious error appearing on the face of the record and ought to have been rectified by the learned single judge. ..... the appellant is also aggrieved by the fact that the learned single judge erroneously failed to modify the award whereby the arbitrator erroneously confined the award of interest to only two years while calculating the actual amount payable.3. .....

The Board of Trustees for the Port of Calcutta and anr. Vs. M/S. Royal ...

Court : Kolkata

..... the appellant thus filed an application under sections 30 and 33 of the arbitration act, 1940 (since repealed) for setting aside the same principally on the ground of legal misconduct committed by the learned arbitrator having awarded the lump sum amount and most of which are covered by prohibitory ..... the arbitration of a sum of rs.26,720/- has been allowed no pendente lite interest has been allowed in the awarded sum. ..... according to him has, made a total guess work and if those clauses are really read and applied which have not been done either by the learned arbitrator or by the learned trial judge the interest of the claim is admissible and thereby both the authorities has committed error in allowing legally inadmissible claim. ..... similarly he contends that claim no.5 is absolutely hit by clause 26(a) of general condition of contract so also the interest on the wrongfully withheld amount of second running account bill and third running account bill under clause 48(b) of general conditions of contract has been placed before us to say that claim of rs.4,500/- on account ..... i) refund or wrongful recovery made from 2nd r/a bill and 3rd r/a bill (rs30,087.37) ii)interest on the above amount of rs.30,087.37p for wrongful detention @ 18.5% p.a.from may, 1985 till 30th june, 1986 (rs.1017.00) ..... of claim aforesaid aggregate amount of rs.3,25,768.37p on account of principal under various heads, and interest at the rate of 18.5% calculated from 1st june to 30th june, 1986 amounting to rs.65,283 .....

Progetto Grano S.P.A. Vs. Shri Lal Mahal Limited

Court : Delhi

..... position that stands today is that under section 85 of the 1996 act, the indian arbitration act, 1940 and the foreign award 1961 is repealed.34. ..... unlike section 34 of the cpc, whereunder the court can award interest for the period of pendency of the suit as well as for the period subsequent to the decree till realisation, section 29 of the arbitration act empowers the court to award interest from the date of ..... the 1996 act has no provision regarding interest to be awarded for the period from the date of the award till payment on the analogy of section 31(7) of the said act.37. ..... in an international commercial arbitration, like any domestic arbitration, the award of interest would fall under the following periods : (i) period prior to the date of reference to arbitration: (ii) period during which the arbitration proceedings were pending before the arbitrators; (iii) period from the date of award till the date of institution of proceedings in a court for enforcement of the award; (iv) period from the date of institution of proceedings in a court till the passing of the decree; and (v) period subsequent to the decree ..... with regard to interest, the following provisions, is made in section 29 of the indian arbitration act : interest of awards - where and in so far as award is for the payment of money the court may in the decree order interest, form the date of the decree at such rate as the court deems reasonable, to be paid on the principal sum as adjudged by the award and confirmed by .....

State of H.P. Vs. J.C. Gupta

Court : Himachal Pradesh

Reported in : 2009(1)ShimLC449

..... by the time, the arbitrator gave his award dated 28th september 1996, arbitration act of 1940 stood repealed by the arbitration and conciliation act, 1996 as the act came into force on 22nd january, 1996. ..... -(1) the arbitration (protocol and convention) act, 1937 (6 of 1937), the arbitration act, 1940 (10 of 1940) and the foreign awards (recognition and enforcement) act, 1961 (45 of 1961) are hereby repealed. ..... in the present case the arbitration act 1940 stood repealed by the arbitration and conciliation act, 1996 before the award was given by the arbitrator, as noticed hereinabove. ..... the appellant then filed objections under section 30 read with section 33 of the arbitration act, 1940 before the district judge, mandi because the amount of the award was within the pecuniary jurisdiction of the district judge. ..... state has filed this appeal, under section 39 of the arbitration act, 1940, against the order dated 10.8.2001, passed by learned district judge, mandi, thereby dismissing the objections under sections 30 and 33 of the arbitration act, 1940, filed by the appellant, with the observation that the same are not maintainable.2. ..... 4,41,093/with simple interest at the rate of 10% in favour of the respondent. .....

M/S Anand Brothers P.Ltd.Tr.M.D. Vs. Union of India and ors.

Court : Supreme Court of India

..... also be made to the arbitration and conciliation act, 1996 which has repealed the arbitration act of 1940 and which seeks to achieve the twin objectives of obliging the arbitral tribunal to give reasons for its arbitral award and reducing the supervisory role of courts in arbitration proceedings. ..... arbitral awards in [pic].disputes to which the state and its instrumentalities are parties affect public interest and the matter of the manner in which government and its instrumentalities allow their interest to be affected by such arbitral adjudications involve larger questions of policy and public interest ..... , this court declared that government and their instrumentalities should - as a matter of policy and public interest - if not as a compulsion of law, ensure that whenever they enter into an agreement for resolution of disputes by way of private arbitrations, the requirement of speaking awards is expressly stipulated and ensured. ..... statute is looked at, in the context of its enactment, with the glasses of the statute-maker, provided by such context, its scheme, the sections, clauses, phrases and words may take colour and appear different than when the statute is looked at without the glasses provided by the context. ..... branch of the system of dispute resolution has, of late, acquired a certain degree of notoriety by the manner in which in many cases the financial interests of government have come to suffer by awards which have raised eyebrows by doubts as to their rectitude and propriety. .....

Superintending Engineer, Irrigation Circle Nirmal Vs. I. Devender Redd ...

Court : Andhra Pradesh

Reported in : 2000(6)ALD318; 2000(6)ALT334

..... mana chakraborty, learned counsel for the state that the issue relating to the power of the arbitrator to grant interest pendente lite where the agreement between the parties, as in the present case, did not prohibit grant of interest and the dispute referred to the arbitrator included the claim of interest, is nolonger res integra and stands settled in favour of the claimant and against the state in secretary, irrigation department government of orissa v. g.c. ..... (iv) over the years, the english and indian courts have acted on the assumption that where the agreement does not prohibit and a party to the reference makes a claim for interest, the arbitrator must have the power to award interest pendents lite...... ..... 299 of 1995 has been filed by the appellant-contractor against the order of the subordinate judge, peddapalli dismissing op no.33 of 1993 seeking to remit the matter back to the arbitrator to the extent of claims not determined by the arbitrator, crp no.2293 of 1994 is revision filed by the state against the judgment and decree of the subordinate judge, peddapalli in decreeing the suit os no.64 of 1991 by making it 'rule of the court'. ..... (the proviso to section 41 and section 3 of arbitration act illustrate this point). ..... this is the principle of section 34 cpc and there is no reason or principle to hold otherwise in the case of arbitrator. .....

S.N. Srikantia and Co. Vs. Union of India and anr.

Court : Mumbai

Reported in : AIR1967Bom347; (1966)68BOMLR586

..... (5) as i have said above, the principal question which has been raised in this notice of motion is as to whether the court under section 29 of the arbitration act, 1940 has power to grant interest on the principal sum adjudged by an award from the date of the award onwards till the p passing of the decree in terms of the award and this question undoubtedly depends upon true and proper construction of section 29, which occurs in chapter v containing general provisions applicable to all kinds of awards runs as follows:'29. ..... nariman on the other hand contended that while enacting the arbitration act when the parliament thought of repealing the provisions of any other law it did so by enacting section 49 in the act and the said section read with 3rd and 4th schedules to the said act (before section 49 itself was repeated by act v of 1949) clearly indicated what statutes were repealed either wholly or partially and the interest act of 1839 was not mentioned therein. ..... in other words, he contended that the provisions of the interest act were neither repealed not intended to be repealed and that therefore, the court should award interest to the plaintiffs on this principal sum adjudged by the award from the date of the award till the p passing of the decree under the provisions of the interest act, inasmuch as all the conditions of the said act had been fulfilled and section 29 of the arbitration act was no bar to awarding such interest. .....

indramoni Mohapatra Vs. Nilamoni Moharana

Court : Orissa

Reported in : AIR1950Ori169

..... used till repealed by section 49(1) read with schedule iii, arbitration act, 1940 (hereinafter referred to as 'the act'), to govern all references to arbitration whether by an order of a court or otherwise and all proceedings thereunder, save in so far as was otherwise provided, by the indian arbitration act 1899 or by any other law for the time being in force. ..... it would be quite plain that 'arbitration without the intervention of a court' was not contemplated in the code to cover such an arbitration during the pendency of a suit the rule provides: 'where any matter has been referred to arbitration without the intervention of a court and an award has been made thereon, any perion interested in the award may apply to any court having jurisdiction over the subject-matter of the award that the award be filed in court. ..... . i shall now read section 47 of the act : 'subject to the provisions of section 46, and save in so far as is otherwise provided by any law for the time being in force, the provisions of this act shall apply to all arbitrations and to all proceedings thereunder ; provided that an arbitration award otherwise obtained may with the consent of all the parties interested be taken into consideration as a compromise or adjustment of & suit by any court before which the suit is paneling.' 40 .....