JUDGMENT - Rebello F.I., J.—Heard forthwith.

2. By the present petition under section 34 of the Arbitration and Conciliation Act, 1996. The petitioners have impugned the Award dated 16th July, 2002 of the Arbitral Tribunal. The petitioners herein had awarded in favour of the respondents a civil contract for construction of two buildings. Disputes and differences arose between the parties. There being an Arbitral clause the matter was referred to arbitration. Parties have filed their claims and counter claims, which have been disposed by the common Award. The Arbitral Tribunal has awarded in favour of the respondents a sum of Rs. 22,33,619/- after reducing the counter claim awarded in favour of the petitioners. The Arbitral Tribunal has also awarded in favour of the respondents pendente lite interest in the sum of Rs. 11,76,447/- which has been calculated at the rate of 18% per annum from 12th August, 1999 till 6th July, 2002, the date of the Award. Future interest is awarded from the date of the Award at the rate of 18% per annum if the Award amount is not settled within 30 days. The Arbitral Tribunal in respect of Claim No. 1 and considering counter claims No. 1 have awarded in fa

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