OIL & NATURAL GAS COMMISSION vs M/S. MC CLELLAND ENGINEERS S.A.

The Supreme Court upheld the arbitration award directing the appellant to pay interest on delayed payments, affirming the Arbitrators' authority to grant interest under Section 29 of the Arbitration Act, 1940, akin to Section 34 of the CPC. The Court clarified that interest can be awarded on claims for delayed payments, rejecting the appellant's argument against 'interest on interest' as irrelevant to the case. The appeal was dismissed, affirming the lower court's decree in terms of the arbitration award.