These are two Petitions filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short, “Arbitration Act”), by both the parties, against Award dated 4 January 2007, granting a part claim and a part counter claim by the sole Arbitrator in a dispute arising out a Charter Party Agreement dated 7 August 2001 between them.

2 Arbitration Petition No.178/2007 has been filed by the Petitioners/the claimants against the Respondents/original Opponents only against the grant of claim to the extent of `30,78,417/, the rest of the Award has been accepted.

3 Arbitration Petition No.266/2007 has been filed by the original Respondents against the claimants only to the extent of grant of sum of `8,60,750/towards the restricted charter hire charges and the bunkers cost.

4 By the impugned Award, the Arbitrator, subject to set off/adjustment, has directed the original claimants to pay to the original Respondents, the balance amount of `22,09,667/and the interest thereon at the rate of 10% per annum from the date of the Award till payment.

FACTS

5 Both the parties at the relevant time were carrying on shipping related business regularly at their respective places since Octo