DIC India faces challenge to arbitration award

DIC India Limited has disclosed that Agam Agochars Private Limited has filed a petition challenging an Interim Award dated August 20, 2025. This award, granted by an Arbitral Tribunal, had initially favored DIC India, awarding the company a sum of INR 2,08,90,357/- for outstanding dues, plus interest.

The Interim Award also included interest computed at 18% per annum, compounded monthly, from invoice due dates until the statement of claim filing (calculated as INR 1,27,11,323/-). Additionally, pendente-lite and future interest at 6% per annum (simple interest) on the principal sum were awarded from the statement of claim filing date until actual payment (computed as INR 8,92,848/- till November 21, 2025).

Agam served an advance copy of the petition on December 10, 2025, challenging the Interim Award under Section 34 of the Arbitration and Conciliation Act, 1996. The petition seeks to set aside the award before the High Court of Delhi.