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• 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 awa
• . The learned Arbitrator awarded the interest from the date of the claim till the award @ 18 % p.
• on "grant of interest on interest" while exercising the power under Section 31(7) of the Act does not arise and, therefore, the Arbitral Tribunal is well empowered to grant interest even in the absence of clause in the contract for grant of interes
• so far as the next question/issue whether the High Court was justified in reducing the interest from 18% to 9% is concerned, the same is also unsustainable in view of the statutory provision contained in Section 31(7)(b)of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as “the Act”) which was applicable pre- amendment Act, 2015
• e of Bharat Heavy Electricals Limited vs. Globe Hi-fabs Limited (2015) 5 SCC 718. An identical question came to be considered in the aforesaid decision and it is held that the award shall contain the interest @ 18% p.a. from the date of award till the actual payment. In para 17, it is observed and held as under:

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