Question

A sum directed to be paid by an arbitral award shall carry interest ________.

• A. $@6\%$ per annum from the date of the award till the date of payment
• B. $@12\%$ per annum from the date of the award till the date of payment
• C. $@18\%$ per annum from the date of the award till the date of payment
• D. $@24\%$ per annum from the date of the award till the date of payment

Answer 1

The correct option is C $@18\%$ per annum from the date of the award till the date of payment

It is been provided under Section 31 (7) (b) of the Arbitration and Conciliation Act, 1996. According to the Arbitration and Conciliation Act, 1996, an Arbitral Award, shall be in writing, shall be signed by members of Arbitral Tribunal, shall state the reasons on which the Award is based, date and place of arbitration shall be decided. The Act provides that after passing the Award, a signed copy of the Award shall be delivered to each party.