State Of U.P. And Others vs M/S Dharm Enterprises
2023 Latest Caselaw 1043 ALL

HIGH COURT OF JUDICATURE AT ALLAHABAD
 
 

?Court No. - 44%
 

 
Case :- APPEAL UNDER SECTION 37 OF ARBITRATION AND CONCILIATION ACT 1996 No. - 44 of 2021
 
Appellant :- State Of U.P. And Others
 
Respondent :- M/S Dharm Enterprises
 
Counsel for Appellant :- Prem Prakash Chaudhary
 
Counsel for Respondent :- Jagat Narayan Mishra,Krishna Dutt Mishra
 

 
Hon'ble Dr. Kaushal Jayendra Thaker,J.

This appeal at the behest of the State, challenges the judgment and order dated 17.12.2019 passed by District Judge, Banda in Civil Misc. Case No. 23/70 of 2016 dismissing the application filed under Section 34 of Arbitration and Conciliation Act for setting aside the award dated 17.9.2016 corrected on 26.9.2016 passed by Arbitrator awarding Rs. 62,43,406/- with interest at the rate of 9%.

By consent of both the advocates, this matter is taken up for final disposal.

It is an admitted position of fact that the pendente lite interest ought not to have been granted by the Arbitrator at the rate of 9% which was the commercial rate.

It is agreed by and between the parties that the rate of interest would be 7.5% and to that effect the award stands modified. Rest of the amounts, if yet not deposited, be deposited forthwith. The respondent would be liberty to withdraw the same.

In view of the above, this appeal is partly allowed.

Order Date :- 10.1.2023

DKS