Photo of Aditi Thakur

Senior Associate in the Dispute Resolution Practice at the Mumbai office of Cyril Amarchand Mangaldas. Aditi has over 4 years’ experience in dispute resolution and has also had experience in general corporate and advisory work. Aditi focusses on litigation emanating from contractual / corporate commercial disputes. She can be reached at aditi.thakur@cyrilshroff.com

Awarding Interest on Interest A three Judge Bench of the Supreme Court Upholds the Law

Introduction

The Supreme Court of India upheld the power of an arbitrator to grant ‘interest on interest’ or compound interest in its recent judgement in UHL Power Company Limited v State of Himachal Pradesh[1]. Placing reliance on its earlier decision in Hyder Consulting (UK) Limited v. Governor, State of Orissa[2], the Court has held that the terms of Section 31(7)[3] of the Arbitration and Conciliation Act, 1996 (“Act”), are explicit in granting an arbitral tribunal the power to award interest on the “sum” directed to be paid under an arbitral award, which is inclusive of the interest awarded thereunder.Continue Reading Awarding Interest on Interest: A three Judge Bench of the Supreme Court Upholds the Law

Specific Relief Act

INTRODUCTION

The Supreme Court of India, in its recent decision in the case of Universal Petro Chemicals Ltd. v. B.P. PLC & Ors.[1], asserted that damages in lieu of specific performance under Section 21(5) of the Specific Relief Act, 1963 (“Act”) cannot be granted, unless specifically claimed in the plaint.Continue Reading Damages in Lieu of Specific Performance Must be Specifically Claimed