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Interest in arbitral award v/s in MSMED act
15-Dec-2023 (In Arbitration Law)
Arbitral award dated Feb 15, 2008 specifies simple interest @ 12% p.a. while MSMED Act specifies compounding monthly at three times the rate notified by RBI, overriding all other laws.
Which one of the above to prevail during execution of award?
Ans:- the award which is granted in the arbitral award. if the claimant and / or appellant has in their execution application specifically mentioned that simple interest was awarded and act specifies compounding interest, then it is at the discretion of the court.
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Adv. Garima Anil Mehrotra
Mumbai | 500+ Answers
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Prudent thing would be to try executing an award or judgment which assures more returns and which is least likely to fail in execution proceedings. Arbitration is an alternative to civil court, however, it is difficult to say if MSMED legislation is a special enactment to allow simultaneous execution of judgment / award.
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