S KUMAR Vs. DELHI DEVELOPMENT AUTHORITY

JUDGEMENT

(1.) This is an application moved by the Decree Holder for enforcement of the award. The limited grievance of the Decree Holder is with respect to the interest as according to the Decree Holder , Judgment Debtor has not paid full payment towards interest as per provisions of section 31(7)(b) of the Arbitration and Conciliation Act, 1996.

(2.) Perusal of the award shows that the Arbitrator passed an award of Rs.5,21,886/- with interest @ 18% per annum from 24.8.1990 to 11.5.1997 as pre-suit interest and at the same rate from 12.5.1997 to 8.4.1998 towards pendente lite interest and from 8.4.1998 to the date of payment or decree whichever is earlier as future interest. Through this application, the Decree Holder is seeking payment of future interest till the date of payment.

(3.) Decree Holder is entitled to future interest in terms of provisons of section 31(7)(b) of the Act which provides as under:-