BHARAT COKING COALLTD Vs. DURGA PRASAD

JUDGEMENT

(1.) THIS appeal, under Section 39 of the Arbitration Act, 1940 (hereinafter referred to as the Act) is directed against the judgment and decree dated 28.9.1992 passed by the 5th. Subordinate Judge, Dhanbad, in Title (Arbitration) Suit No. 46 of 1982/TR No. 70 of 1992 whereby the suit has been decreed in terms of the award submitted by the Arbitrator and the said Award has been made the Rule of the court.

(2.) M/s Bharat Coking Coal Limited (hereinafter referred to as the BCCL), a company within the meaning of Section 617 of the Company Act invited tenders on 27.2.1975 for construction of certain quarters at Seraidhella in response to which one Durga Prasad submitted his tender, which was accepted on 16.5.1975 by the Senior Engineer of the BCCL, who was incharge of the works. The work was completed on 31.5.1977.

(3.) THE arbitrator after hearing the parties and considering the evidence adduced by them, submitted the Award, whereby the BCCL was liable to pay a sum of Rs. 2, 73, 136.82 paise to Durga Prasad. THE Arbitrator also held that the BCCL was liable to pay simple interest at the rate of 15% per annum from 31.8.1977 till the date of payment of the aforesaid amount or the date of decree, whichever is later.