CENTRAL WAREHOUSING CORPORATION Vs. PHARMEX BUILDERS

JUDGEMENT

(1.) Heard.

(2.) This appeal arises from order dated 14th February 2003 passed in Arbitration Petition No.468 of 2003. The appeal came to be admitted on 24th June 2003 with specific observation that the same was admitted only with regard to the point of claim of interest. Consequently, the learned advocates for the parties were heard only in relation to the point pertaining to the claim of interest.

(3.) The only challenge to the impugned order in this appeal in relation to the claim of interest is that while dealing with the aspect of interest, it was necessary for the learned Single Judge to take into consideration Clause 29 of the agreement between the parties in its entirety and not only a portion thereof. It is the contention on behalf of the Appellants that the learned Single Judge has only considered first para of Clause 29 and has totally ignored para 2 of Clause 29 which deals with the matter pertaining to restrictions on the claim of interest on the sum retained towards the amount stated as due and payable to the Corporation. The contention is sought to be seriously disputed on behalf of the Respondents while placing reliance in the decision in the matter of Executive Engineer, D. M. I. Divn., Orissa 626 v. N.C.Budharaj reported in AIR 2001 SC 626.