Arbitration Award
Querist :
Anonymous
(Querist) 05 August 2010
This query is : Resolved
Though the High Court ordered reference to Arbitration on 09.04.1987, the Arbitration actually started in March 2009 and the Award has been made on 22.05.2010;
Future interest from the date of Award has been restricted to only 9% p.a. as it is for the earlier period since cause for arbitration arose;
How can the rate of Interest be enhanced to realistic level, say @ 18% p.a. ?
Can any action of the High Court which allowed arbitration in 1987, be helpful in realising the Award from PSU-Insurer ?
Devajyoti Barman
(Expert) 06 August 2010
The arbitral award is required to be perused for more specific reply. However, if you are aggrieved by any operating portion of the award then you could challenge the same u/s34 of the Act. Time is running out for you as it is only 90 days from the date of award.
Chanchal Nag Chowdhury
(Expert) 06 August 2010
I beg to disagree with Mr.Barman. Your case is one under The Arbitration Act,1940 & not under the present Act. Under the old Act, the Arbitrator had a right to allow interest till payment or the passing of judgment in terms of the award by a competent court. Thereafter, it is the court which can grant interest.
In any event, U will have to approach a competent court for passing of judgment upon award & only then, will U be able to enforce the award, otherwise, your award is unenforceable.
Querist :
Anonymous
(Querist) 08 August 2010
Award, though relating to dispute under 1940 Act, is published under new Act on 22.07.2010, which may not be required to be made a Rule of the Court, which allowed the reference to Arbitrators on 09.04.1987, as upheld in FAO(OS) by DB/Delhi High Court on 24.11.2008;
My query is as to how can future interest after the date of Award be say @ 18% instead of Arbitral Tribunal allowing only @ 9% p.a. for the recoverable Award relating to Insurance claims with-held by the PSU-Insurer for almost 30 years, so far ?
Any one of the Experts (to help this SSI claimant to get the Award improved upon for such miseries inflicted by the Tribunal
