Contractual Sovereignty vs. Arbitral Discretion: Navigating Boundaries of Interest Awards under The Arbitration Act
Introduction Can an Arbitral Tribunal award interest as a matter of equity or compensation when the underlying contract expressly prohibits it? In its landmark ruling in Union of India & Ors. v. Larsen & Toubro Limited (L&T)1, the Supreme Court of India reaffirmed the principle of party autonomy, declaring that the statutory framework of the Arbitration and Conciliation Act, 1996, […]
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