In Brief
NHPC Ltd, a government company, contracted with Jai Prakash Associates Ltd for civil construction work on the Teesta V Hydroelectric Project. Disputes over non-payment led to arbitration. The Arbitral Tribunal awarded Rs. 356.78 lacs with 10% and 12% p.a. interest at different stages. The Additional District Judge and High Court affirmed this, but the High Court introduced a typographical error, modifying the interest rates to 12% and 18% p.a. NHPC challenged this error. The Supreme Court allowed the appeal in part, correcting the typographical error and restoring the original interest rates of 10% and 12% p.a. as awarded by the Arbitral Tribunal, after both parties admitted the error.
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