M/S. B.L.Gupta Construction Ltd vs M/S. Bharat Co-Op.Group Hng.Sty.Ltd

The Supreme Court addressed the arbitration dispute between B.L. Gupta Construction Ltd. and the respondent, focusing on the interpretation of interest awards under the Arbitration Act, 1940. The Court upheld the arbitrator's award of interest at 18% per annum, clarifying that the respondent was liable for both pre-reference and pendente-lite interest. The Court ruled that the modifications made by the High Court reducing the interest rate were incorrect, thus reinstating the original interest terms as per the arbitrator's award.