- (1.) Special leave granted.
(2.) The facts leading to the filing of this appeal are as under:
(3.) The appellant B.L.Gupta Construction Ltd. was awarded a contract by the respondent for construction of 308 dwelling units. The contract also provided for resolution of disputes through an arbitrator. A dispute having arisen, the High Court vide order of 5.12.1991 ordered the appointment of an arbitrator. The arbitrator rendered his award on 18.12.1992 for a sum of Rs.25, 14,424/- in favour of the appellant and a counter claim for Rs. 1, 18,393.32p. in favour of the respondent. The principal amount thus determined to be paid to the appellant was Rs.23, 96,031/-. The arbitrator also granted interest in the following terms: "I award the following interest to be paid by the respondents to the claimants as under:- (a) Interest at the rate of 18(eighteen) percent per annum on the amount awarded under claim No.1 after expiry of 50 days from the date of submission of Final bill dated 18.4.1990 i.e. 8.6.1990 to the date prior to the Arbitration proceedings i.e.5.12.1991. (b) Pendente-lite interest at the rate of 18 (eighteen) percent per annum from 6.12.1991 to the date of Publication of award 18.12.1992. (c) If the Respondents does not pay the awarded amount within a period of 60 days from the date of publication of the award, the Respondents shall also pay interest at the rate of 18 (eighteen) per cent per annum on the gross amount of award for all the claims from 19.12.1992 to the date of decree or date of payment whichever is earlier.";