CHANDI CONTRACTORS PVT LTD Vs. EXECUTIVE EMGINEER

JUDGEMENT

(1.) This revision petition is filed seeking setting aside of order dtd. 22/3/2018 dismissing the execution petition.

(2.) The relevant facts are that the parties on 10/10/1997 entered into an agreement for replacing of head regulator/bridge at RD No. 144895. As a result of dispute between the parties, the work allotted was terminated on 8/7/1998. The arbitration proceedings at the instance of the petitioner, culminated in award dtd. 5/12/2003. The award was clarified on 19/12/2003. The objections filed by the respondents were dismissed on 1/12/2006. The award was set aside in the review filed by the respondent. The petitioner succeeded in appeal under Sec. 37 of the Arbitration and Conciliation Act, 1996 (for short, 'the Act') and the award was upheld. Operative part of the order passed by this Court is reproduced below:

(3.) In the execution proceedings, the petitioner claimed interest @ 12% on principal amount of Rs.1,62,26,211.00 quantified at Rs.1,02,70,736.00. The claim of interest on the interest pendente lite was rejected by observing that this Court had not ordered compounding of interest.