In Brief
This appeal involved an arbitration dispute where the Arbitrator awarded 18% per annum interest under the Arbitration Act, 1996. The High Court upheld the award but reduced the interest to 6% per annum by applying section 7-A of the Uttar Pradesh Civil Laws (Reforms and Amendment) Act, 1976. The Supreme Court held that since proceedings were conducted under the Arbitration Act, 1996, the state amendment Act had no application. The Court restored the 18% interest awarded by the Arbitrator as being in accordance with section 31(7)(b) of the Arbitration Act, 1996."
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