- (1.) Heard learned counsel for the parties. The question involved in this writ petition is in respect of the calculation of the rest part of the decretal amount done by the impugned order contained at Annexure-3 to the writ petition.
(2.) The short facts are that an Arbitral Award was made in favour of the claimant/respondent on 10.04.1998. The Award was in following terms i.e., Rs. 63,51,087/- was held to be payable to the claimant/ respondent herein within a period of one month from the date of publication of award and if not paid, the judgment debtor/petitioner herein will pay interest on the total awarded amount @ 18 % per annum from the date of expiry of one months time till the date when the payment is made. The Award was subjected to objection under Section 34 of the Arbitration and Conciliation Act, 1996, which was rejected by the learned Sub-Judge-I, Bokaro in Title (Arbitration) Suit No. 07 of 1998 vide order dated 08.06.2000 and Award was ordered to form part of the decree. Thereafter, petitioner-SAIL had preferred a Misc. Appeal before this Court being Misc. Appeal No. 102 of 2000(R) under Section 37 of the Arbitration and Conciliation Act, 1996 aggrieved by the order of learned Sub-Judge-I, Bokaro, which was dismissed on 26.06.2002. The Special Leave Petition, against the aforesaid dismissal, preferred by the SAIL/petitioner herein being Special Leave to Appeal (Civil) No. 308/2003, was dismissed on 20.01.2003.
(3.) The respondent herein preferred Execution case No. 01/2001 on 27.01.2001 for realisation of amount, as under:- (i) principle amount Rs. 63,51,087/- as awarded. (ii) interest raised on Rs. 63,51.087/- only @ 18% percent p.a. collected from 10.05.98 to 09.01.01 (2 years 8 months).- Rs. 30,48,521.60 paise. (iii) The further interest @ 18% per annum on Rs. 63,51,087 only from 27.01.01 till the date of payment.;