The Supreme Court of India has ruled that an Arbitral Tribunal cannot award pre-award or pendente lite interest—even when labeled as “compensation”—if the underlying contract expressly prohibits such payments. The Court emphasized that under the Arbitration and Conciliation Act, 1996, the terms of the contract hold “paramount importance” regarding interest for the period before the
Arbitrators Cannot Award Pre-Award Interest if Contract Barred; Supreme Court Modifies Post-Award Interest Rate
