JUDGMENT :

ANIRUDDHA BOSE, J.

The appellants were awarded a contract by the State of Kerala for upgradation of a State Highway for two stretches, from Muvattupuzha Thodupuzha and Muvattupuzha–Angamaly. The agreement in this regard was executed on 7th November, 2002. This appeal originates from disputes on certain issues arising between the parties primarily relating to making payment to the appellants under certain heads. In the present proceeding, however, the only point of dispute on which arguments have been advanced before us is over entitlement of the appellants to receive interest on delayed payment on the subject-heads, which were to be paid by the employer in local currency as per the stipulations in the said agreement. The agreement had provision for resolution of disputes by a Disputes Review Board (DRB) which was to make recommendations at the first instance. If the recommendations were not acceptable to any of the parties, such disagreeing party was required to give notice to commence arbitration within a specified time and thereafter the dispute was to be settled through arbitration. So far as the controversies out of which this appeal arises are concerned, disputes on t