L.N. Mittal, J. - (1.) In this revision petition filed under Article 227 of the Constitution of India, State of Punjab has assailed judgments and decrees of both the courts below thereby making award dated 20.8.2000, Annexure P/1 of the Arbitrator as rule of the court and passing decree accordingly.
(2.) I have heard learned counsel for the parties and perused the case file.
(3.) Counsel for the petitioner assailed the impugned judgments and decrees and award regarding rate of interest. The Arbitrator has awarded interest @ 15% per annum which has been upheld by the courts below. Counsel for the petitioner contended that interest @ 15% per annum is excessive. It was also argued that under section 34 of the Code of Civil Procedure (in short, Civil Procedure Code), future interest from the date of decree of the trial court till recovery cannot exceed 6% per annum.;