M/S. MANALAL PRABHUDAYAL vs ORIENTAL INSURANCE CO. LTD.

The Supreme Court upheld the High Court's decision to reduce the interest rate from 12% to 6% per annum on the awarded amount under the Arbitration and Conciliation Act, 1996. The Court clarified that while the arbitrator had the authority to grant interest, the High Court's modification was justified based on the circumstances of the case. The Court affirmed the High Court's order, thereby maintaining the reduced interest rate from the date of the award until the deposit in court.