Manalal Prabhudayal vs Oriental Insurance Co. Ltd

The Supreme Court addressed the appeal concerning the reduction of interest rate on an arbitration award from 12% to 6% per annum by the High Court. The Court upheld the High Court's decision regarding the interest for the pre-reference period under the Arbitration and Conciliation Act, 1996, affirming that the arbitrator's award of interest at 12% was lawful. The Court ultimately restored the interest rate as determined by the arbitrator, emphasizing the importance of adhering to the terms of the arbitration agreement.