JUDGMENT

S.B. SINHA, J:

Introduction :

The principal question involved in this appeal arising out of a judgment and order dated 08.06.2005 passed by the High Court of Delhi in Writ Petition (Civil) No.10284 of 2005 revolves round a dispute as to whether the provisions of the Arbitration and Conciliation Act, 1996 (for short, the 1996 Act) would prevail over the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 (for short, SICA).

Background Facts :

A sum of Rs.5,00,00,000 (Rupees five crores) by way of an Inter Corporate Deposit (ICD) was advanced by Appellant to Respondent Company. It committed a default in the payment thereof. The agreement contained an arbitration clause which was invoked. The learned Arbitrator made an award on or about 06.05.2004 in favour of the appellant for a sum of Rs.6,72,63,015/- , directing :

"I, therefore, in the circumstances, make the following Award :

i)The claimant is entitled to receive from the respondents and the respondents are jointly and severally liable to pay Rs.6,72,63,015/- up to the date of reference;

ii)The claimant will also be entitled to interest at the contractual rate of 21% p.a. from the date of reference i