ORDER

1. Heard learned counsel for the parties.

2. This appeal by special leave has been filed against the judgment and order dated 15.1.2003 of the High Court of Kerala at Ernakulam whereby the High Court has allowed the appeal filed by the respondent herein against the order dated 9.10.1996 of the Principal Sub Judge, Kochi.

3. It appears that the appellant was awarded a contract for construction of married accommodation for petty officers of the Navy at Rameswaram, Kochi. The value of the work awarded was Rs. 5,44,47,087/-. The work which commenced on 24.12.1990 had to be completed by 23.6.1993 and admittedly it was completed by the said date.

4. Disputes arose between the parties and the parties invoked the arbitration clause provided in the General Conditions of Contract. The claimant-appellant made claims under 25 heads. The arbitrator awarded to the claimant a sum of Rs. 70,94,265/- and allowed simple interest at the rate of 18% from the date of accrual for cause of action till date of reference, from the date of reference till date of award and from the date of award till the date of decree or date of payment whichever is earlier. An application by the appellant-claimant