PUNJAB STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LTD. Vs. WALAITI RAM PARSHOTAM LAL RICE MILLS

JUDGEMENT

(1.) This order will dispose of CR No. 6126 of 1999 filed by Punjab State Cooperative Supply & Marketing Federation Ltd. (for short 'the Markfed') and CR No. 4480 of 2002 filed by M/s Walaiti Ram Parshotam Lal Rice Mills (for short the 'Miller') against the order dated 22.04.1999 passed by the First Appellate Court.

(2.) The parties entered into an agreement on 12.11.1980 for conversion of paddy into rice by the miller. The disputes between the parties were referred to an Arbitrator. The Arbitrator gave his Award on 21.12.1988 directing the Miller to pay a sum of Rs. 95,154/- within a period of four weeks from the date of Award in full and final settlement of the claims and if payment was not made within the stipulated period, the miller was liable to pay interest. The operative part of the Award read as under:

(3.) On an application filed by Markfed under Sections 14 and 17 of the Arbitration Act, 1940, the said Award was made as Rule of the Court. However, in the appeal at the instance of the Miller, the order regarding future interest from the date of Award till the date of decree was set aside.