The respondent alleged that earlier, due to oversight, it had calculated the future interest at the rate of 18 per annum from 23.6.2000 to date of execution petition 24.10.2004 , only on the principal sum of Rs.14,94,000/ that the future interest ought to have been calculated on a higher sum of Rs.31,98,879/ made up of Rs.14,94,000/ being the principal amount plus Rs.17,04,879/ being the interest at 12 per annum which had accrued due up to the date of Award and that therefore the amount due as on the date of execution petition was Rs.56,97,685/ instead of Rs.43,65,918/ claimed therein.
Thereafter, on 26.10.2004, the respondent levied execution against the appellants, to recover the following amount Principal amount Rs.14,94,000/ Interest at 12 per annum on Rs.14,94,000/ from 19.12.1990 to 22.6.2000 date of the award Rs.17,04,879/ Interest at 18 per annum on Rs.14,94,000/ from 23.6.2000 to 23.10.2004 date of Rs.11,67,039/ execution petition TOTAL Rs.43,65,918/ The appellants paid to the respondent, a sum of Rs.44,59,587/ on 1.3.2005, which was made up Rs.14,94,000/ plus interest thereon at the rate of 12 per annum from 19.12.1990 to 22.6.2000 plus interest at the rate of 18 per annum from 23.6.2000 to 28.2.2005.
It awarded in all Rs.14,94,000/ with interest to the respondent contractor.
The disputes were referred to a sole Arbitrator who made an award dated 22.06.2000.
The operative portion of the award is extracted below I award Rs.14.94 lacs Rupees Fourteen Lacs Ninety Four Thousands only along with interest at the rate of 12 with effect from 19.12.1990 till the date of award in favour of M s. S.L. Arora and Company, 5E 10, Bunglow Plot, N.I.T., Faridabad Claimant to be paid by the Haryana PWD BR Branch Department respondent .
The delay led to claims by the companytractor and companynter claims by the employer appellants .
In case the total amount of award together with this interest is number paid within 30 days from the date of making this award, future interest shall be paid 18 per annum on the sums due to the claimant from the date of Award upto the actual date of payment emphasis supplied The application filed by the appellants to set aside the said the award, under Section 34 of the Arbitration and Conciliation Act 1996 Act for short , was rejected by the civil companyrt.
The Arbitral Tribunal rejected the companynter claims of the appellants.
The appellants awarded a companystruction companytract to the respondent.
The work which had to be companypleted within 18 months from 18.3.1985, was actually companypleted on 30.11.1989.
V. RAVEENDRAN J. 1.
Leave granted.
On 25.5.2005, the respondent made an application for modification of the amount claimed, companytending that due to inadvertence, a lesser amount had been claimed in the execution petition.
Heard the parties.
According to the appellants, the said payment was in full and final settlement, though full satisfaction of the decree was number entered.
