JUDGMENT

Dr. AR. Lakshmanan, J.—Leave granted.

2. Heard learned counsel appearing on behalf of both sides.

3. This appeal is directed against the final judgment and order dt. 21.12.2005 passed by the High Court of Judicature at Bombay, Nagpur Bench in Writ Petition No.5454 of 2005. The respondent is the insured. The respondent invoked arbitration as per Condition No.7 of the Policy. The respondent appointed one Shri V.P. Shah as Arbitrator. The appellant-Insurance Company appointed Shri A. Sankaran as Arbitrator. Both the Arbitrators appointed Shri B.R. Mehta as Presiding Arbitrator. On 10.10.2003, the Majority Award was passed by the Presiding Arbitrator, Shri B.R. Mehta and Co-Arbitrator Shri V.P. Shah awarding Rs.2,12,49,336.00 (Rupees two crore twelve lakh forty nine thousand three hundred thirty six only) with future interest @ 18%. The Minority Award was passed by Co-Arbitrator Shri A. Sankaran who awarded a sum of Rs.1,23,08,104/- and interest of Rs.43,57,066/- upto 10.10.2003 and cost of arbitration of Rs.4 lacs and further interest on the aggregate of all these amounts @ 15% from the date of Award till the date of payment of decree whichever is earlier.

4. Aggrieved by both th