JUDGMENT

Ganaguly, J.—

1. The appellant herein, a proprietary concern, was given a work order on or about 5.7.1982 by Coal India Limited (hereinafter referred to as “the respondent”) for transportation of coal/coke by road to the respondent’s stockyard at Kanpur and also for operation of the said stockyard.

2. Pursuant to such work order a formal agreement was entered into between the appellant and the respondent and the said agreement contained an arbitration clause. As disputes and differences arose between the parties, a reference was made to the sole arbitrator for resolving the dispute and an award dated 30.4.1993 was passed awarding an amount of Rs.51,77,600/- In favour of the of appellant. Appellant was granted interest Rs .11,39,560/- calculated at the rate of 15% from October, 1990 to April, 1993. Interest was also granted for the pre-reference period to the extent of Rs.10,97,250/- but In the award no interest was granted from the date of the award till the date of the decree.

3. Challenging the said award, the respondent filed an application, but the same was dismissed by the learned Single Judge of the Calcutta High Court by a judgment and order dated 3.11.1995. Thereafter, an appeal was preferred before the Division Bench of the Calcutta High Court and the Division Bench also dismissed the appeal of the respondent on 25.04.1996. Thereafter, a decree. Was passed by the learned Single Judge of the Calcutta High Court confirming the said award. The said decree directed payment of interest @ 18% per annum from the date of the said award till the date of the decree.

4. The respondent filed a special leave petition before this Court challenging the order of the Division Bench of the Calcutta High Court dated 25.04.1996. On that special leave petition, this Court by an order dated 10.5.1996 directed the respondent to deposit an amount of Rs.40 lakhs within 6 weeks with the Registrar, Original Side of the Calcutta High Court and permitted the appellant to withdraw the same on furnishing a bank guarantee. Ultimately, by order dated’ 22.7.1996 this Court dismissed the special leave petition filed by the respondent.

5. Thereafter, execution proceeding was initiated by the appellant for execution of the unsatisfied portion of the decree dated 2.5.1996. Against the said execution proceeding, an application was filed by the respondent under Section 47 of the Code of Civil Procedure contending inter alia that the decree dated 2.5.1996 insofar as the same directs payment of interest from the date of the award till the date of the decree is a nullity and the same is not executable against the respondent.

6. Learned Single Judge of the. Calcutta. High Court by judgment and order dated 13.12.1996 held that insofar-as the decree was passed providing for grant of interest from the date of the award till the passing of the decree, is a nullity and is inexecutable and the appellant was directed to refund the amount representing the same pendente lite interest. Against the same judgment and order the present appellant filed an appeal before the High Court and the Division Bench of the Calcutta High Court by judgment and order dated J 8.3.2001 was pleased to dismiss the appeal.

7. Challenging the said appeal this special leave petition has been filed.

8. The question in this appeal is whether the Division Bench was correct In setting aside the order of the Executing Court directing payment of interest at the rate of 18% from the date of the award till the date of the decree.

9. Few facts of the case are relevant to understand issues involved herein. Admittedly, In the award, interest from the date of the award till the date of the decree has not been granted. What has been granted is pre-reference• interest and the interest from October 1990 to April 1993 i.e the interest during the pendency of the arbitration proceedings. The award is dated 30.04.1993. No post award interest has been granted.

10. The appellant herein-the awardee