DELHI DEVELOPMENT AUTHORITY & ANR v. EM & EM ASSOCIATES

Supreme Court of India · 20 Aug 2008
Tarun Chatterjee; Aftab Alam
CIVIL APPEAL NO.5621 OF 2002
civil appeal_allowed

AI Summary

The Supreme Court modified an arbitration award by reducing the interest rate from 18% to 12% per annum, holding that courts may intervene to moderate excessive interest rates in arbitration awards.

Full Text
Translation output
IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO.5621 OF 2002
DELHI DEVELOPMENT AUTHORITY & ANR. .....APPELLANT(S)
VERSUS
EM & EM ASSOCIATES ....RESPONDENT(S)
After hearing learned ASG appearing on behalf of the appellants and learned counsel appearing on behalf of the respondent and after considering the entire materials on record, we do not find any ground to interfere with the impugned order excepting that the award that has been passed by the arbitrator shall stand modified to the extent of granting interest @ 12% per annum instead of 18% per annum. The appeal is accordingly disposed of without any order as to costs. .............................J.
( TARUN CHATTERJEE ) .............................J.
( AFTAB ALAM )
NEW DELHI;
AUGUST 20, 2008.
JUDGMENT