Question
As per the of the Arbitration & Conciliation Act, 1996,
what is the rate of interest that a sum directed to be paid by an arbitral award shall carry, unless the award specifies otherwise?Solution
Section 31(7): A sum directed to be paid by an arbitral award shall, unless the award otherwise directs, carry interest at the rate of two per cent. higher than the current rate of interest prevalent on the date of award, from the date of award to the date of payment.
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