Arbitration & Conciliation Act, 1996–Sec. 31(7)–Interest on award–Power of awarding–Unless otherwise agreed by the parties where and insofar as an Arbitral award is for the payment of money, the Arbitrator may include the sum for which the arbitral award is made interest at such rate as it deems reasonable–In absence of an agreement between the parties, the Arbitrator would have a discretion to exercise its powers under Clause (a) of sub-section (7) and such discretion is wide enough.
