Payment of interest on award
Angayarkanni Murugesan
(Querist) 19 December 2012
This query is : Resolved
I need a clarification whether interest liability ceases from the date of deposit of the decreed amount with the Court when I go for appeal. There was no direction from the Court to deposit the amount, however.
Can I reduce my interest liability by depositing the original award amount with the Court when I prefer to go on appeal ?
What will be my liability towards interest if my appeal is dismissed?
What is the relevant provisions in the Acts?
ajay sethi
(Expert) 19 December 2012
if you deposit the decreetal amount in court you wont be liable to pay further interest from date of deposit . obtain order from court for deposit pending hearing and final disposal of your application for setting aisde award .
even if your appeal is dismissed money would be paid to the claimant together with accrued interest if registry has invested the said money in FD
Angayarkanni Murugesan
(Querist) 19 December 2012
Sir,
is there any explicit provision in CPC or other Acts? (Arbitration/Interest Act...)
does Deposit of Award amount make my appeal weak?
pl advise
Raj Kumar Makkad
(Expert) 19 December 2012
If you deposit the amount of award under protest then your case shall not weakened and no such inference shall be arrived as if you have already accepted the claim/award.
