Arindam Sinha, J. - (1.) The Court : This application, made in arbitration petition for setting aside award, is for stay of it and listed under heading 'To Be Mentioned', for compliance with direction to furnish further security. Submissions have been made on amount of security to be furnished.
(2.) Mr. Bose, learned senior advocate appearing on behalf of award debtor relied upon order dated 19th March, 2013 passed in execution case initiated by award holder, whereby executing Court, on cognizance of award debtor having partly secured the award by fixed deposit for Rs.5,74,24,568/-, deemed it appropriate to direct creation of another fixed deposit for sum of Rs.3.5 crores. This direction, executing Court made upon finding award passed in favor of award holder is for sum of Rs.9,02,81,436/- along with future interest calculated @ 18% per annum from date of award till payment.
(3.) Mr. Bose drew attention to unamended clause [b] in sub-section [7] of section 31, Arbitration and Conciliation Act, 1996. Unamended clause in the sub-section because award is dated 18th April, 2011. Said unamended clause is reproduced below: "[b] A sum directed to be paid by an arbitral award shall, unless the award otherwise directs, carry interest at the rate of eighteen per centum per annum from the date of the award to the date of payment." ;