18. In Union of India v. Ambica Construction (2016) 6 SCC 36 (for short Ambica First), a three-Judge Bench of this Court was called upon to consider, in the context of the provisions of Arbitration Act, 1940, the power of the arbitrator to award pendente lite interest when contract contains a bar for grant of interest. After considering several decisions including Constitution Bench decisions of this Court in G.C. Roy (supra) and Dhenkanal Minor Irrigation Division v. N.C. Budharaj (2001) 2 SCC 721, it was, inter alia, held: (i) the arbitrator is not a court; (ii) the arbitrator decides the disputes as per the agreement entered into between parties; (iii) arbitration is an alternative forum for resolution of disputes but an arbitrator ipso facto does not enjoy or possess all the powers conferred on the courts of law; (iv) where the agreement expressly provides that no interest pendente lite shall be payable on the amount due, the arbitrator has no power to award pendente lite interest; (v) the bar to award interest on delayed payment by itself will not be readily inferred as express bar to award pendente-lite interest by the arbitral tribunal, as ouster of power of the arbitrator has to be considered on various relevant aspects; (vi) grant of pendente lite interest may depend upon several factors such as phraseology used in the agreement, clauses conferring power relating to arbitration, nature of claim and dispute referred to arbitrator and on what items power to award interest been taken away and for which period

25. On a careful analysis of the decisions discussed above, we are of the view that arbitral tribunal can be denuded of its power to award pendente lite interest only if the agreement/ contract between the parties is so worded that the award of pendente lite interest is either explicitly or by necessary implication (such as in the case of Sayeed & Co. (supra) and THDC First (supra)) barred. A clause merely barring award of interest on delayed payment by itself will not be readily inferred as a bar to award pendente-lite interest by the arbitral tribunal.