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Judgment
Arindam Sinha, J
Mr. Behera, learned advocate appears on behalf of petitioners and submits, his clients are award debtor. There was direction upon his clients by award dated 8th December, 2013, to, inter alia, pay pendente lite interest and future interest at respectively 15% and 18% per annum. His client had challenged the award, dealt with by judgment dated 27th October, 2016. There was modification of the award.
“10. In the result, the arbitration case is allowed in part on contest. The impugned award is modified to the extent of imposing interest @ 9% per annum on the awarded amount of Rs.15,83,911/- from 20.08.2007 till the date of award by keeping all other terms and conditions unaltered. The parties are directed to bear their own cost in the proceeding throughout.”
(emphasis supplied)
He submits, there is confusion. Pendente lite interest rate stood reduced by the judgment. No date has been given in the judgment for reckoning of future interest. He draws attention to order dated 20th December, 2022 of the Executing Court to submit, direction made thereby is illegal. The direction paragraph is reproduced below.
“Hence, it is forthcoming that the JDrs are required to pay Rs.21,54,339.69p. to the DHr as on 13.12.2022. Therefore, the JDrs are directed to pay the aforesaid amount on or before 06.01.2023 along with the additional interest accrued from 13.12.22 till the date of payment for full satisfaction of the decree. Put up on 06.01.2023 for compliance and further order.”
Mr. Baisakh, learned advocate appears on behalf of award holder and submits, if judgment debtor had paid within time directed in the award, there could not have been allegation of confusion. He submits further, there should be no interference with said order made by the Executing Court.
It would appear from paragraph-10 that the modification was confined to reducing rate of interest applicable for calculating pendente lite interest, from 15% to 9%. All other terms and conditions remained unaltered. That would mean, pendente lite interest to be calculated from 20th August, 2007 on Rs.15,83,911/- at 9% till the date of award being 8th December, 2013. Pedente lite interest calculation is to be as directed in the award. Other terms remaining unaltered would mean exactly that.
Petitioner has given a calculation under paragraph-3 in the rejoinder. On adjustment of Rs.31,14,647/-, paid on 20th January, 2017, according to petitioners balance due as on 13th December, 2022 is Rs.9,74,401/-. Award holder has also given a calculation at annexure-A of the counter. After giving adjustment for said payment of Rs.31,14,647/- award holder says payable as on 13th December, 2022 is Rs.30,51, 383/-.
The Executing Court being Commercial Court, Cuttack is directed to consider the two calculations and ascertain as to what amount is to be paid by petitioner (award debtor) as on 13th December, 2022 and thereafter to record execution, discharge and satisfaction of the award. Said Court must keep in mind that direction for charge of future interest at 18% per annum remained unaltered. Said rate of future interest must be calculated on the ascertained outstanding in respect of execution of the award, till date of payment.
The writ petition is disposed of.
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