2003 Supp 5 SCR 269 The following Order of the Court was delivered by These appeals arise out of a judgment dated 1st August, 2001, passed by a Division Bench of the High Court of Delhi in FAO OS No.
78 of 1996, whereby and whereunder the pre reference interest and pendente lite interest has been denied and the post award interest was reduced from 18 to 10 per annum.
The Arbitrator allowed the claim of interest raised by the appellant herein and directed that interest 18 per annum should be paid on the awarded amount in respect of pre reference, pendants lite and post Award.
As regards the interest granted from the date of the Award till the date of decree 18 per annum was companysidered to be excessive and the same was reduced to 10.
However, the said objection was rejected and the learned Single Judge of the High Court by judgment dated 5th February, 1996 made the Award as Rule of the Court and granted the decree in terms of the Award.
It was directed as follows Consequently, decree shall stand modified to the extent that the claim of respondent to interest prior to 18th December, 1992 stands rejected.
Before the Arbitrator, the appellant herein claimed pre interest reference as also future interest at the rate of 24 per annum.
On 18th December, 1992, the Arbitrator gave an Award for a sum of Rs.
The appellant tender has been accepted by the respondent and an agreement was executed between the parties for raising 308 dwelling units.
The agreement provided for resolution of dispute by arbitration.
Before the learned Single Judge of the Delhi High Court, the respondent filed an objection.
As per the arbitration agreement, the matter was referred to the sole Arbitrator, who entered into the reference.
The appellant filed the said Award for being made Rule of the Court.
24,64,424 against the appellants claim of Rs.
However, certain disputes arose.
It is against the said judgment of the High Court, the appellant is in appeal before us.
It is number disputed that the appellant companypleted the work.
46,92,461.
