BRIJ LAL AND SONS Vs. D D A

JUDGEMENT

(1.) This appeal is directed against the judgment dated 20.1.2004 rendered by the learned Single Judge whereby the appellants/decree holder was awarded interest @ 12% p.a. on the principal amount of Rs.4,03,977/- in terms of the award dated 23.2.1995 which was subsequently made a rule of the court vide order dated 24.9.2001 where the court directed the respondent/judgment debtors to pay interest @ 12% p.a. from the date of decree till the date of realization of the amount in favour of the decree holder.

(2.) Dissatisfied with the rate of interest @ 12% p.a. as confirmed by the learned Single Judge in terms of the decree dated 24.9.2001, the appellant has challenged the same by way of filing this appeal. It is urged by learned counsel for the appellants/decree holder that the learned Single Judge misinterpreted the award made by the arbitrator where the arbitrator clearly indicated that ?in most of the cases it takes long time to make payment to the claimants of the award amount, I therefore, award claimants to be paid interest @ 12% p.a. from the date of publishing this award till date on which payment is actually made to him?. On the strength of these observations, the appellants/decree holder contended that the arbitrator had, in fact, awarded compound interest and not the simple interest and therefore, according to them learned Single Judge erred in coming to the conclusion that the decree holder was entitled to the simple interest @ 12% p.a. and not the compound interest.

(3.) On the other hand, learned counsel appearing for the respondent/judgment debtor urged that the appellants were not entitled to claim beyond the decree passed in their favour as they cannot claim more than what was allowed to them in the award and more particularly when award was made rule of the court by virtue of the judgment dated 24.09.2001 which was not even assailed and thus, the decision attained finality.