OM METALS & MINERALS Vs. UNION OF INDIA

JUDGEMENT

(1.) A learned Single Judge of this court allowed the prayer of the present appellants. The award was made rule of the Court. It was further directed that in case the award is not satisfied within three months from the date of the decree, then the appellant would be entitled to interest at the rate of 10% p.a. from the date of decree till the same is satisfied. The appellants have come in appeal. It is submitted that they were entitled to interest from the date of the award i.e from 31.01.2001 and not from the date of the judgement and decree which was passed on 11 -07 -2000. As this has not happened the appellant has come in appeal. The operative portion of the award which was made Rule of the court is to the following effect :

(2.) ANSWER to the question posed in the appeal would need examination of section 29 of the Arbitration Act. This section reads as under - - - -

(3.) A plain reading of the aforementioned statutory provision clearly indicates that court has been empowered award interest from the date of the decree. Language used in the above section does not enable the court to grant interest from the date of the award. What is sought to be urged by the respondents is that in case interest is allowed from the date of the award till date of the decree then it would amount to re -writing of the provision of statute. It is accordingly urged that the view expressed by the learned Single Judge granting interest from the date of the decree is a view to which no exception can be taken. This aspect of the matter was considered by the Bombay High Court in case reported as Srikanta & Co v. Union of India AIR 1967 Bombay 347. At page 354, following observations were made: - - -