GREATER COCHIN DEVELOPMENT AUTHORITY vs LEELAMMA VALSON .

The Supreme Court addressed the legality of interest awarded by arbitrators under the Arbitration Act, 1940, specifically examining Section 29 regarding future interest. The Court held that the arbitrators' award of interest pendente lite was not permissible, affirming the High Court's decision to set aside this portion of the award while upholding the decree on other merits. The ruling clarified the limits of arbitrators' powers concerning interest awards, establishing that such awards must align with statutory provisions.