- (1.) The petitioner has filed the instant application under section 34 of the Arbitration and Conciliation Act,1996 (hereinafter referred to as the 1996 Act) for setting aside an award dated March 22, 2005.
(2.) By the impugned award, the sole Arbitrator has awarded to the respondent a sum of Rs.49,86,990/- along with pendents lite interest at the rate of 8 per cent per annum for a period of 5 years and 7 months, amounting to Rs. 22,27,500/-. The total value of the award is Rs.72,14,490/-.
(3.) The Court-fees for this application has been assessed by the Stamp Reporter at a sum of Rs.1,08,217,35/- under Entry 1(10) of Schedule II of the West Bengal Court-fees Act, 1970 (hereinafter referred to as the Court-fees Act) as amended with effect from October 28, 2002, by the West Bengal Court- fees (Amendment)Act,2002 (hereinafter referred to as the 2002 Amendment Act.);