JUDGMENT :

VIKRAM NATH, J.

1. These two appeals have been filed under Article 134A read with Article 133(1)(a) of the Constitution of India by the rival parties before the High Court of Delhi in EFA (OS) No. 19 of 2017. The High Court, by the impugned order, certified that the case involved the following substantial question of law of general importance which required a decision by this Court:

“In terms of the agreement dated 29th June 1982 between the parties and in light of the judgment dated 24th February 2015 of the Supreme Court of India in Civil Appeal Nos. 2543-44/2015, what should be the relevant date for conversion of the awarded sum from USD to Indian rupees?”

2. Relevant facts necessary for adjudication of the issue are as follows:

2.1. An agreement was executed between the parties to carry out earth work in Iraq by the Royal Construction Company Private Limited¹ [RCCPL] given by the National Projects Construction Corporation Limited.² [NPCCL] According to the contract, Clauses 31 and 32 of the agreement along with their sub-paragraphs relate to payments and advances, the same are reproduced hereunder:

“31. PAYMENTS AND ADVANCES:

All amounts and schedule of prices as menti