Leave granted. Heard both sides.
2. The respondent was a contractor engaged to do some work at
Periyar Dam, Tamil Nadu and the work was alleged to have been interrupted
because of the intervention of some Kerala Forest Officials and ultimately in
the arbitration proceedings an Award was passed on 19.1.1998 for a sum of
Rs.2,22,54,301/-. We are told that the principal amount has been paid and
the Execution Court has directed that the interest shall be payable @18% p.a.
from the date of the arbitration till the amount is paid and @ 10% p.a.
interest prior to the award. Learned counsel for the respondent waives
awarding of interest prior to the award. We record the same. The appellant
is directed to deposit interest @ 18% p.a. from the date of the award in the
Execution Court. Respondent herein is permitted to file a petition for
withdrawal of the same before the said Court.
3. Learned counsel for the appellant point out that already an
application has been filed to set aside the arbitration award and the
same is pending before the District Court. The said application shall be
disposed of by the District Court at an early date. With the above direction
the appeal is disposed of. No costs.