Arbitral tribunal can grant post-award interest on the sum of the award which also includes the interest component.

Citation

2022 LiveLaw (SC) 409

IN THE SUPREME COURT OF INDIA

CIVIL APPELLATE JURISDICTION

M.R. SHAH; B.V. NAGARATHNA, JJ.

April 12, 2022

CIVIL APPEAL NOS. 2921-2922 OF 2022

 (Arising out of SLP (C) Nos. 24912-24913 of 2013)

INDIAN OIL CORPN.LTD. Versus U.B. ENGINEERING LTD. & ANR.

Arbitration and Conciliation Act, 1996; Section 31(7) - Arbitral tribunal can grant 

post-award interest on the sum of the award which also includes the interest 

component - The word sum used under Section 31(7) includes the interest awarded 

on the substantive claims, therefore, the post award interest would be on both the 

amount awarded in respect of the substantive claims and the interest awarded on 

such claims. [Referred to Hyder Consulting (UK) Limited vs. Governor, State of Orissa, (2015) 2 

SCC 189] (Para 6)