H.P.HOUSING & URBAN DEVT.AUTH. 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, affirming the High Court's decision that the respondent was 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 did not absolve them of the liability to pay interest, as the payment was not made directly to the respondent. The appeal was dismissed, upholding the High Court's ruling on interest entitlement.