In Brief
Post Graduate Institute of Medical Education and Research (PGIMER) Chandigarh and Kalsi Construction Company disputed contract completion for an Advanced Pediatrics Centre. After arbitration awarded Rs. 1.17 crore with 18% interest, PGIMER challenged the interest rate. The Supreme Court, exercising constitutional power under Article 142, reduced the interest from 18% to 10% per annum simple interest, considering the award's age (1999) and circumstances. The modified award was to be paid within eight weeks, failing which the original 18% rate would apply.
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