BEDI CONSTRUCTION COMPANY Vs. A P PARACER

JUDGEMENT

(1.) This is an application under Sections 14 and 17 of the Arbitration Act, read with Section 3 of the Interest Act, 1978 by one of the parties to the arbitration proceedings, praying for the direction to respondent No. I, the sole Arbitrator, to file the original award rendered on 11.5.1992 with all its depositions, documents and for making the said award the rule of the Court and decree in favour of the petitioner.

(2.) On filing of this petition and the same having been numbered as the suit, by order dated 10.7.1992, notice was issued to respondent No. I-Arbitrator, directing him to file the award along with the proceedings. After filing of the award along with the original proceedings, notice under Section 14(2) of the Act was issued to respondent No. 2. On receipt of notice, aforestated, respondent No. 2, the other party to the arbitration proceedings, vide IA 103/93, filed objections under Sections 30 and 33 ofthe Arbitration Act and prayed for acceptance ofthe objections and the setting aside of the award contending that respondent No. I has committed legal misconduct and that the Arbitrator has committed error apparent on the face of the record.

(3.) It is submitted by Mr. Sharma, learned Counsel for respondent No. 2, that the award is rendered on 19.5.1992; that claim No. I is not sustainable/justified and the same has been wrongly awarded. It is further contended that as regards claim No. 3 the interest could not have been granted at more than 12% by the Arbitrator as the Arbitrator has awarded interest @ 18% on the amount of Rs. 1,38,826.00 ; that the rate of interest awarded is not in accordance with the definition of rate of interest under the Interest Act. As regards Claim No. 4, it lias been submitted that no reasons have been given by the Arbitrator; that the agreement provides for the giving of reasons.