Legal Question in Civil Litigation in India
Arbitration and Reconciliation Act 1996
Section 31(7) of Arbitration and Reconciliation Act 1996 mentions interest on money. Please clarify whether the interest to be charged is simple or compound?
Should a creditor charge compound interest if he/she receives money after more than one year from the arbitration award or accept simple interest?
2 Answers from Attorneys
Re: Arbitration and Reconciliation Act 1996
You are advised to consult section 37 (a)& (b) of arbitration Act which empowers Arbitral tribunal to award interest and s.7(b) clearly state rate of interest @18% per annum from the date of award till payment unless award direct otherwise.
for any other query cal on 9873343288
thanks.
siddharth
Re: Arbitration and Reconciliation Act 1996
As per Interest Act and as per CPC you can only charge simple interest. Cumulative interest cannot be charged, there are sufficient SC judgments in this regard.
Related Questions & Answers
-
Termination Of marriage i was engaged in feb this year. our engagement was done... Asked 6/10/06, 3:30 pm in India General Civil Litigation
-
Meaning What is the meaning of ''any person lawfully in the premises''. Asked 12/19/05, 6:06 am in India General Civil Litigation