STATE OF U.P. vs HARISH CHANDRA & CO

The Supreme Court addressed the appeals concerning the modification of an arbitration award regarding interest rates under the Arbitration and Conciliation Act, 1996. The Court held that the High Court's reduction of interest from 15% to 6% was unjustified, emphasizing that the arbitrator's decision on interest was within the scope of the arbitration agreement. The Court reinstated the original interest rate awarded by the arbitrator, thereby favoring the respondent, Harish Chandra & Co.