In a crucial judgment clarifying the arbitrator’s authority under different arbitration regimes, the Supreme Court has held that the power to award pendente lite interest under the Arbitration Act, 1940 is not automatically barred by a contractual clause, unless such bar is clear and express. The Court, in M/s Ferro Concrete Construction (India) Pvt. Ltd.
Arbitrator’s Power to Grant Interest Depends on Contractual Clauses: SC Clarifies Distinction Between 1940 and 1996 Arbitration Acts
