Shree Chandrashekhar, J. - (1.) The petitioner - M/s. Ram Parbesh Singh, aggrieved of order dated 4.4.2011 by which the Executing Court has held that interest shall be payable from the date of decree and order dated 9.5.2011 by which the application for review of order dated 4.4.2011 has been dismissed, has approached this Court.
(2.) Briefly stated, in relation to a contract for transportation of sand from different river ghats for the year 1989-90 and 1990-91 when a dispute on rate of transportation arose, the matter was referred for arbitration. Award dated 6.8.1992 reads as under: "That an escalation in rate for sand transportation for the year 1989-90 and 199091 in the instant case over the rate of 1988-89 of 10 and 20 percent respectively is allowed. That the respondent i.e., M/s. Bharat Coking Coal Ltd., shall pay to the Claimant i.e.. M/s. Ram Prabesh Singh a quantified sum of Rs. 6,95,600/- (Rupees Six lakhs ninty five thousand and six hundred only) on account of enhancement of rate, interest charges and other claims. That the aforesaid awarded amount shall bear future interest @ 13% p.a. after 3 months from the date of the award till the date of payment. That each party shall bear their respective cost except the cost of stamp papers which shall be exclusively borne by the Claimant. Given this the 6th Day of August, 1992."
(3.) The petitioner filed an application on 7.1.2008 under section 15 of the Arbitration Act, 1940 for modification of the award on the premise that award for a sum of Rs. 6,95,600/-on account of enhancement of rate was not a matter referred for arbitration, and by an order dated 2.2.2008 passed in Title (Arbitration) Suit No. 147 of 1992 the award was modified to the aforesaid extent. Thereafter, on 22.4.2008 the modified award was made rule of the Court and decree was signed on 5.2008. In the execution proceeding, the respondent - M/s. BCCL filed an application on 10.12.2010 asserting that after deletion of the awarded amount interest is not payable to the decree-holder. A similar application was filed on 22.2011. The decree-holder resisted these applications by taking a stand that interest is payable in terms of the award which provides future interest @ 13% p.a. after 3 months from the date of award. By an order dated 4.4.2011 the Executing Court has held that the decree-holder is entitled for interest from 5.2008, that is, from the date of the decree.;