JUDGMENT

MOHAN, J.:—The facts in brief leading to this civil appeal are as follows:

The appellant is a member of the Delhi Hindustani Mercantile Association. By a claim petition dated 11-8-1979, the appellant had claimed a sum of Rs.4,51,246.50 under various heads of accounts including commission from the first respondent upto the period of 30-6-1979. The claim related to transactions which took place between appellant and first respondent. In turn, the first respondent was also a member of Delhi Hindustani Mercantile Association. It also made a counter claim against the appellant. As per the rules of the association, the dispute was referred to an Arbitrator.

2. By an order dated 20-11-1981, the learned single Judge of Delhi High Court directed in terms of the concession made on behalf of the Association and the sole Arbitrator, a reasoned award shall be passed by the Arbitrator.

3. The sole Arbitrator (Mohan Lal) entered upon the reference. On 19-7-1983, by a reasoned award, he awarded a sum of Rs.1,97,891.81 in favour of the appellant against the first respondent. This amount was also to carry interest @18 per annum from the date of the award till the date of payment. Aggrieved by