Arbitration | Arbitral Award Must Carry Post-Award Interest As Per S. 31(7)(b) : Supreme Court

The Supreme Court of India ruled that an arbitral award must carry post-award interest as per Section 31(7)(b) of the Arbitration and Conciliation Act, 1996. The court emphasized that the award should include interest from the date of the award until the date of payment unless otherwise specified. This ruling clarifies the application of post-award interest in arbitration cases, ensuring that the awarded party is compensated for the time taken to receive the payment, thereby promoting fairness in arbitration proceedings.