Bombay high court rules as regards interest on deposit
Anil
(Querist) 08 September 2016
This query is : Resolved
Bombay High Court has ordered that I be paid the amount deposited in Court with interest accrued thereon.
I have deposited 87415/*--on 31.12.2004--at the time of arbitration appeal -but the Hon'ble Court has not stipulated any rate nor has it stipulated whether it is compounding or simple ?
can u guide me about the High Court rules as regards rate and whether it is simple or compounding ?
R.K Nanda 
(Expert) 08 September 2016
Contact local Mumbai lawyer.
Kumar Doab
(Expert) 08 September 2016
Your own counsel can help you.
Devajyoti Barman
(Expert) 08 September 2016
without seeing the order it is difficult to advise.
Rajendra K Goyal
(Expert) 08 September 2016
Full order / decision and copy of plaint need to be referred, discuss with your lawyer.
P. Venu
(Expert) 08 September 2016
You may seek the information under RTI.
Raj Kumar Makkad
(Expert) 08 September 2016
Unless otherwise provided, the rate of interest shall carry simple interest of 18% per Annum as per provisions of section 31(7) of Arbitration & Conciliation act.
Section 31(7) in THE ARBITRATION AND CONCILIATION ACT, 1996
(7) (a) Unless otherwise agreed by the parties, where and in so far as an arbitral award is for the payment of money, the arbitral tribunal may include in the sum for which the award is made interest, at such rate as it deems reasonable, on the whole or any part of the money, for the whole or any part of the period between the date on which the cause of action arose and the date on which the award is made.
(b) A sum directed to be paid by an arbitral award shall, unless the award otherwise directs, carry interest at the rate of eighteen per centum per annum from the date of the award to the date of payment.
Dr J C Vashista
(Expert) 12 September 2016
In the instant case provision of section 31(7) of Arbitration and Conciliation Act, 1996 are inapplicable since the appellant have deposited the arbitral (awarded) amount in High Court for which he is seeking interest.
High Court, for such amounts deposit with a Nationalised Bank and pay bank interest (prevailing at the time of deposit)to the winning party.
Kumar Doab
(Expert) 12 September 2016
The author has been advised.
The author may show the copy of order to his counsel.
Rajendra K Goyal
(Expert) 25 September 2016
Agree with the expert raj kumar makkad in the given facts.
