Assigning Reasons, for not Awarding Compound Interest under MSMED Act, a Must: Delhi HC

The Delhi High Court (‘DHC’) affirmed the order of lower Court which had set aside an arbitral award for not awarding interest in terms of Section 15 and 16, which deal with liability of buyer to make payment and the rate at which the interest is payable respectively, of the Micro, Small and Medium Enterprises Development Act, 2006 (‘MSMED Act’), without giving any reason.