UNION OF INDIA Vs. RICHA CONSTRUCTIONS

JUDGEMENT

(1.) By this petition filed under section 34 of the Arbitration and Conciliation Act, 1996, the petitioners have impugned the arbitral award dated 29th March,2017 and corrected on 19th April,2017 and 1st May, 2017 insofar as claim no. 13 and claim no.20 are concerned.

(2.) The petitioners have admittedly paid the awarded sums to the respondents insofar as other claims awarded by the arbitral tribunal are concerned.

(3.) Insofar as claim no.13 is concerned, the respondent had made claim for interest at the rate of 24% per annum on delayed payment of R.A. bills. The original claim was in the sum of Rs.3 lacs which was revised to Rs.7,80,860.00. It was the case of the respondents (original claimants) that there was delay of more than 7 days for making payment of the R.A. bills by the petitioners.