JUDGMENT :

Sanjiv Khanna, J.

1. By award dated 14.04.2000, the appellant, M/s Nepa Limited, was held liable to pay Rs. 14,49,300/- to the respondent, Manoj Kumar Agrawal. The amount was towards refund of the balance security deposit, which was made by Manoj Kumar Agrawal in terms of the agreement dated 25.10.1996. The award had stipulated that Rs. 14,49,300/- would carry an interest @ the rate of 18% per annum from the date of the award, till payment.

2. It is an accepted case that the appellant paid an amount of Rs. 1,50,000/- to the respondent on 22.10.2001. It is also undisputed that this payment would be adjusted/set-off against the interest, and not from the principal amount of the award, i.e., Rs.14,49,300/-.

3. The objections filed by the appellant under Section 34 of the Arbitration and Conciliation Act, 1996, ¹[For short, the “Act”], were dismissed on 28.02.2001.

4. The appellant had thereupon preferred an appeal under Section 37 of the Act before the Division Bench of the High Court. On 30.10.2001, the Division Bench passed an order whereby, on the appellant depositing 50% of th