by relying on para 7A of Section 24 of the U.P. Amendment Act.
However, relying on para 7 Reason A of Section 24 of the Uttar Pradesh Civil Laws Reforms and Amendment Act, 1976 for short U.P. Amendment Act , it has reduced the statutory interest to 6 p.a.
From the date of award to the actual date of payment an interest at the rate which is given in the provisions of section 31 7 b of the Arbitration and Conciliation Act, 1996 shall also be payable on Rs.
as awarded by the Arbitrator.
The Arbitrator further held that the interest on the sum awarded would be payable in accordance with Section 31 7 b of the Act of 1996, i.e. 18 p.a.
from 18 p.a.
The High Court by way of impugned companymon final judgment and order has dismissed both the appeals.
17,86,339.00 Rs.
The Act of 1996 has companye into force with effect from 22.08.1996.
to 6 p.a.
The operative portion of the award is According to the above, the petitioner becomes entitled for receiving a total amount of Rs.
The sole Arbitrator passed an award on 24.12.2001, whereby the appellant was awarded a sum of Rs.
The appellant has questioned the reduction of the interest in this appeal.
The respondents 1 and 2 being aggrieved by the aforesaid award filed civil miscellaneous case No.
Shri M. Arora was appointed as the sole Arbitrator on 12.10.1999 and the proceedings companymenced on 27.10.1999 under the Arbitration and Conciliation Act, 1996 for short the Act of 1996 .
3728 of 2007 and 947 of 2007 before the High Court.
Seventeen lac eighty six thousand three hundred thirty nine only and the petitioner is hereby awarded the same.
Owing to certain disputes that arose between the parties with respect to the rate of payment for additional work under the agreement, the appellant served a numberice invoking arbitration on the respondents and filed the claim petition on 11.09.1999.
The appellant entered into an agreement dated 08.07.1993 with the Superintendent Engineer, Drainage Division, District Gonda, U.P. for work related to the Gola Pump House.
Being aggrieved by the aforesaid judgment dated 28.10.2006, both the parties filed F.A. F.O. Nos.
5 of 2002 before the District Judge, Gorakpur, under Section 34 of the Act of 1996.
Both the parties would bear their own companyt related with the arbitration.
17, 86, 339/ seventeen lakhs eighty six thousand three hundred thirty nine .
The appellant is a registered partnership firm engaged in civil companystruction projects for the government of Uttar Pradesh.
17,86,339.00 which is the amount of declared award.
from the date of the award till the date of actual payment.
ABDUL NAZEER, J. M s. Shahi and Associates has filed this appeal impugning the companymon final judgment and order dated 05.12.2007 passed by the High Court of Judicature at Allahabad in F.A.F.O Nos.
3728 of 2007 and 947 of 2007, whereby the High Court has Signature Not Verified Digitally signed by NARENDRA PRASAD Date 2019.08.08 170519 IST upheld the award of the Arbitrator.
