MICHIGAN ENGINEERS PVT LTD Vs. SENBO ENGINEERING LTD

JUDGEMENT

(1.) The appellants in this appeal impugned the judgment and order of the learned Trial Judge whereby the application of the respondent under section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the 1996 Act) has been disposed of modifying quantum of the award passed by the learned Arbitrator. The respondent also being aggrieved by the judgment and order of the learned Trial Judge has filed cross-objection as the learned Trial Judge did not interfere with the award of rejection of the counter-claim. Short facts leading to preferring the instant appeal is set out hereunder:

(2.) After hearing the learned Counsel for the parties the learned sole Arbitrator has awarded a sum of Rs. 1,02,83,933.01 and awarded interest at the rate of 12 per cent per annum from 20th January 2003 upto the date of the award on the sum of Rs. 60,79,676.80 being the amount after adjustment against the aforesaid principal amount of award, of sum of Rs. 42,04,256.24 being the amount of fixed deposit or with the bank it was directed to be paid by the learned Arbitrator to the claimants. The learned Arbitrator awarded interest on the said sum of Rs. 60,79,676.08 at the rate of 12 per cent per annum from the date of the award till the payment. The claimant is awarded costs against the respondents amounting to Rs. 50,00,000.

(3.) It appears while passing aforesaid award the learned Arbitrator allowed a part of the counter-claim made by the respondent amounting to the counter-claim however has been rejected by the learned Arbitrator.