JUDGMENT

B.P. Jeevan Reddy, J.-Leave granted. Heard Shri F.S. Nariman, learned counsel for the appellant and the learned Attorney General for the respondent-corporation.

2. A contract was entered into between the appellant and the Oil & Natural Gas Corporation (O.N.G.C.), whereunder the appellant undertook to construct 304 pre-fabricated housing units at Panvel, Phase-I. The appellant commenced the construction but did not complete it even within the extended period. The respondent thereupon terminated the contract and got the said work done through another agency. Disputes arose between the parties in the above connection, each party raising claims against the other, which were referred for decision to two arbitrators (joint Arbitrators). By their award dated 18th June, 1991, the arbitrators decided that while the O.N.G.C. shall pay to the appellant a sum of Rs.1,09,04,789/-, the appellant shall pay to the O.N.G.C. a sum of Rs.41,22,178/-. In other words the appellant was held entitled to a net amount of Rs.67,82,620/- with interest at the rate of 18 per cent per annum from the date of award till the date of payment or till the date of decree whichever was earlier. While the appella