DELHI DEVELOPMENT AUTHORITY vs EM & EM ASSOCIATES

The Supreme Court modified the arbitrator's award by reducing the interest rate from 18% to 12% per annum, emphasizing the need for equitable interest rates in arbitration awards. The Court held that while arbitrators have discretion in determining interest, it must align with principles of fairness and reasonableness. The appeal was disposed of without any order as to costs, affirming the modified award.