D.N.PATEL, J. - (1.) This arbitration appeal has been preferred against the judgment and order delivered by the Sub-Judge II, Dhanbad in T. (Arbitration) Suit No. 20 of 1989. This application was preferred under Section 15 to be read with Sections 16 and 30 of the Arbitration Act, 1940 to convert the award dated 18th December, 1992 passed by the sole Arbitrator into the Rule of the Court. The operative part of the award reads as under: "(i) The Respondent/M/s. Bharat Coking Coal Ltd. is to pay a lump sum amount of Rs.8,80,000.00 (Rupees Eight lakh eighty thousand only) to the claimant. (ii) The above lump sum awarded amount of Rs.8,80,000.00 (Rupees Eight lakh eighty thousand only) shall carry interest @ 12% (Twelve percent only) per annum with effect from 1.11.1984 till the actual payment or the Decree whichever is earlier." (emphasis supplied)
(2.) Learned counsel appearing for the appellant submitted that the aforesaid amount of Rs.8,80,000/- has been paid by virtue of an order passed by this Court in this arbitration appeal in the year 2004, but, the amount of interest has not yet been paid.
(3.) Learned counsel appearing for the appellant further submitted that the trial court has decided all the issues raised in T. (Arbitration) Suit No. 20 of 1989 in favour of this appellant. Nonetheless, without assigning any reason the rate of interest has been reduced from 12% to 6%. The date on which the aforesaid amount of award should carry interest @ 12% was 01.11.1984, whereas, the Sub-Judge II, Dhanbad has changed the date for granting interest, which has now been fixed as from the date of decree i.e. 02.09.2004 and, therefore, this arbitration appeal has been preferred mainly on the ground that no cogent and convincing reasons have been given by the trial court for reduction of rate of interest. Unnecessarily, sympathy has been shown by the trial court in favour of the respondent. There is no question of any sympathy whatsoever arises because once the money is not paid in time, the same has to be updated by payment of interest, otherwise. Money paid, after several years is meaningless, if the interest is not paid thereupon. Interest always updates the money. Even otherwise also, no reasons have been assigned for changing the date i.e. from 01.11.1984 to 02.09.2004. This is not permissible because the amount was found due and payable at Rs.8,80,000/- from 01.11.1984 and if the money is paid in the year 2004, it will be much lesser amount and, therefore, interest has to be added in the said amount. Being aggrieved by the order of reduction of rate of interest and change of date of payment of interest, this appeal has been preferred by the original claimant.;