H.P.Housing & Urban Devt.Auth.& Anr vs Ranjit Singh Rana

The Supreme Court addressed the issue of post-award interest under Section 31(7)(a) and (b) of the Arbitration and Conciliation Act, 1996, determining that the respondent is entitled to interest at the rate of 18% per annum from the date of the award until actual payment. The Court clarified that the deposit of the entire award amount by the appellants does not negate their liability to pay interest, as the deposit does not constitute payment to the respondent. The High Court's decision to grant post-award interest was upheld, affirming the statutory entitlement to interest unless otherwise specified in the award.