Interest Of 18% Can't Be Claimed In Arbitrations Commencing Before 2015 Amendment, When Award Specifies Particular Rate: Jharkhand HC

Jharkhand High Court ruled that in arbitration commenced before the 2015 amendment to the Arbitration Act, interest at a rate of 18% cannot be claimed when the arbitral award specifies a different rate of interest. The 2015 amendment brought changes to the interest provisions in arbitration. The High Court clarified that for older arbitrations, the rate of interest awarded by the tribunal should prevail, and a higher rate cannot be unilaterally claimed.