AIR 1997 BOMBAY 20 ::(1997) 1 MahLR 764 ::1997 (1) Civ LJ 335 ::1997 (1) BomCR 509 ::(1996) 4 AllMR 1 (BOM) ::1996 (2) Mah LJ 993 ::(1997) 2 CurCC 367

Bombay High Court

Hon'ble Judge(s): B. P. Saraf, M. S. Rane , JJ

Arbitration Act (10 of 1940) , S.29— Power of Court to grant interest - Interest can be granted only from the date of decree and not from the date of award. Interpretation of statutes - Reference to Select Committee Report.Decision dt. 09-03-1995 in Notice of Motion No. 734 of 1994 in Award No. 46 of 1979 (Bombay), Reversed. A plain reading of S.29 goes to show that in a decree, the Court has been empowered to award interest only "from the date of the decree". The language of this section is clear and unambiguous and by no stretch of imagination or interpretation, the expression "the date of the decree" can be construed to mean "the date of the award". Any attempt to do so will amount to rewriting the section to provide for award of interest from "the date of the award" contrary to not only the clear language of the statute but also the clear intention of the Legislature which can be discerned from the fact that the words "from the date of the award" which appeared in S.29 in the Bill on the lines of S.11 of the English Arbitration Act of 1934, were substituted by the words "from the date of the decree" following the recommendation of the Select Committee to which the said Bill was referred by the Parliament. There is no bar on referring to and relying upon the Statement of Objects and Reasons @page-....