M/S SHAHI AND ASSOCIATES V. STATE OF U.P.

SC-Restoring the interest awarded by the Arbitrator in accordance with Sec. 31(7)(b) of the Arbitration and Conciliation Act,1996, the Hon’ble SC held that though the agreement was earlier to the date of coming into force of the Act of 1996, the proceedings admittedly commenced in the year 1999 and were conducted in accordance with the Act of 1996. If that be so, para 7-A of Sec. 24 of the U.P. Amendment Act has no application to the case at hand and so both the HC and the District Judge were not justified in reducing the rate of interest by following the U.P. Amendment Act.-Hon'ble Justices Arun Mishra, S. Abdul Nazeer and M.R. Shah[08-08-2019]
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