S.K.Mookherjee, J. - (1.) This Revisional application is directed against Order No. 3, dated 24th January, 1990 passed by the learned Arbitrator, 24 Parganas (N & S) and Calcutta in Ern. Case No.l of 1990 [Arbitration Case No.64/66 (V)] whereby the learned Arbitrator passed certain directions regarding charging of interest on the amounts of the award, which was being executed. The directions of the learned Arbitrator, inter alia, provided that on the mount of the award of Rs. 41,873.85, interest at 5% p.a. with effect from 19.12.46 to 23.5.56 (9 years 56 days) and from 5.8.67 to 29.7.75 will be Rs.19,738.05 and 16,703.58 respectively and, accordingly the learned Arbitrator found necessity of amendment of the application for execution as also for filing of certified copy of the original award and the certified copy of the judgement and decree in Appeal No. 536 of 1975 before the Hon'ble High Court.
(2.) Though very detailed augments have been made before us witty reference to the previous history of the case, culminating with the instant revisional application, in view of the nature of contentions, which we are invited to adjudicate, the same become unnecessary for us to go into in entirety. We, therefore, propose to deal with the such contentions with as much brevity as possible as may be relevant for the disposal of the present Revision.
(3.) Admittedly, in terms of an Order, passed by the Division Bench, at an interlocutory stage, in connection with first Appeal, which had been heard out by this Court, the appellant, respondent/opposite party herein, had to deposit the decretal dues for obtaining an ad interim relief with regard to the operation of the award, dated 20th January, 1975, impugned in the said First Appeal, and such deposit was made on 29th July, 1975. That part of the deposited amount, which was undisputed, was permitted to be withdrawn by the present appellant and others without furnishing any security and, actually, the withdrawal was made on or about 17th March, 1976 ; out of the remaining disputed part of the deposited amount, the withdrawal was permitted, by the Division Bench, on furnishing of Bank guarantee for the same and in compliance with the said condition, the disputed amount had been withdrawn, on 17th/18th March, 1976, on furnishing Bank guarantee. The appeal itself stood dismissed on 12th October, 1988 till which date the Bank guarantee had been kept alive. The learned Arbitrator, for the reason recorded in the impugned Order, refused to allow interest after 29th of July, 1975, on which date the deposit of the amount of award had been made in terms of direction by the Division Bench and propriety of such reasoning has been assailed by both the parties before us and constitutes the list of the instant revisional application.;