NUMALIGARH REFINERY LTD. vs DAELIM INDUSTRIAL COMPANY LTD.

The Supreme Court upheld the majority award of the Arbitral Tribunal, which granted Daelim Industrial Company Rs.29.76 crore and US $170,000 for arbitration costs, emphasizing the validity of arbitration under the Arbitration and Conciliation Act, 1996. The Court held that the appellant, Numaligarh Refinery Limited, was liable to pay interest at 12% per annum on the awarded amount from the date of the claim until the award date. The judgment reinforced the enforceability of arbitration awards and the obligations of parties under such agreements.