The ONGC arbitration case clarifies how contract clauses affect arbitral tribunals’ power to award interest under Section 31(7) of the Arbitration & Conciliation Act, 1996. The Court emphasized that unless an agreement clearly prohibits “pendente lite” interest, arbitrators retain statutory power to award it. Learn how nuanced contract language and statutory interpretation can shape the outcome of commercial disputes. This principle can significantly impact drafting and enforcement of agreements in future arbitrations. #SupremeCourt #ArbitrationLaw #ContractingDrafting #Section31