JUDGMENT :

S.A. BOBDE, J.

1. Leave granted.

2. These Civil Appeals arise out of the final judgment and order of Gujarat High Court dated 23.07.2015 in F.A No 189 of 2005 and the final judgment and order dated 5.11.2015 in MCA No 3178 of 2015 in F.A No 189 of 2005. The High Court partly allowed the appeal of the Respondent-Union of India and quashed Order of the Arbitrators and set aside the amount awarded by them in respect of Claim No 12. The Arbitrators, under Claim No. 12 awarded interest pendente lite at 12% Rs. 44,92,800/-per annum from 26.09.1988 to 22.03.2001. Further, the High Court dismissed the review application filed by the appellant.

3. The appellant – M/s Raveechee and Co. and the respondent-Union of India entered into a contract dated 02.06.1981 for quarrying, stacking and loading stone ballast, broken stone aggregate, rubble etc. from the Western Railway quarry at Udvada at an estimated cost of Rs. 55,81,000/. Thereafter, disputes arose between the parties due to which the appellant called upon the General Manager, Western Railway to appoint Arbitrators in order to settle the dispute. The Arbitration proceedings commenced on 26.09.1988 and the award was passed on 22.03.