“unless the award otherwise directs” – Post-award interest -- The words, “unless otherwise agreed by the parties” occurs at the beginning of clause (a) qualifying the entire provision -- However, in clause (b), the words, “unless the award otherwise directs” occurs after the words ‘a sum directed to be paid by an arbitral award shall’ and before the words ‘carry interest at the rate of eighteen per cent” -- Thereby, those words only qualify the rate of post-award interest. Arbitration and Conciliation Act, 1996 (26 of 1996), Section 31(7)(a)(b).

(SC) Decided on : 01.09.2022