I.P.MUKERJI, J. - (1.) In this application, under Section 34 of the Arbitration and Conciliation Act, 1996, an interim arbitral award made on 14th October, 2016 is challenged. It was made and published by a panel of three very distinguished Judges of our country, Justice S.C. Agrawal, Justice D.P. Wadhwa and Justice S.B. Sinha.
(2.) The claimants/petitioners were directed to pay a sum of Rs. 135,16,92,947.73 to the account of TPPL within one month from the date of the award, failing which they would have to pay interest @ 24% p.a. from the date of the interim award till the date of payment.
(3.) The Arbitration and Conciliation (Amendment) Act, 2015 was enacted by Parliament and came into force on 23rd October, 2015. Thus, the arbitration was commenced, held, concluded and the award passed before coming into force of the Amendment Act.;