- (1.) This is an application to enforce an arbitral award. It was passed under the old Act, the Arbitration Act, 1940, on 27th July 2002. The award was for Rs.7,34,200/- in favour of the decree holder with interest at the rate of 12% per annum during different periods mentioned in the award till the date of the decree. The counter claim of the judgment-debtor was also allowed to a very small extent with interest at the rate of 12% per annum. The counter claim allowed was Rs. 26,726/-.
(2.) The judgment debtor made an application to set aside the award (G.A. No. 1215 of 2003) before this Court. A judgment and order was made by Narayan Chandra Sil, J. on 4th August, 2003 refusing to interfere with the award except to the extent that instead of 12%, the judgment debtor would get interest at the rate of 18% on the said award on their counter claim. On 5th September, 2003 a judgement upon award was passed by this Court. The post decretal rate of interest would be as modified by the order of 4th August. 2003.
(3.) The judgment debtor preferred an appeal from that order The appeal court directed them to deposit a sum of Rs. 16 lakhs with the Registrar, High Court Original Side, Calcutta. The judgment debtor did not deposit that money, which was made a condition precedent to staying the operation of the judgment and decree.;