D.K. Deshmukh, J. - Arbitration Petition No. 236 of 1996 has been filed by the respondent in Arbitration Petition No.5 of 1997 for setting aside the award dated 31st July, 1995 whereas Arbitration Petition No.5 of 1997 has been filed by the claimant before the Arbitrators under Section 28 of the Arbitration Act, 1940 for extension of time in making and filing an award. Therefore, both these petitions can be conveniently disposed of by a common order.

2. The facts that are relevant and material for deciding these petitions are that the claimant is a share broker and a member of the Bombay Stock Exchange. The respondent is carrying on business of financer and trader in Bombay. A reference was made to the Arbitrator under the Bye-laws and Regulations of the Bombay Stock Exchange on the basis of a claim made by the claimant for recovery of an amount of Rs. 13,92,734.15 from the respondent. The reference was made to the Arbitrators on 22nd January, 1993. The last hearing before the Arbitrator was on 4th February, 1995. The award has been made on 21st July, 1995. By that award, the Arbitrators directed the respondent to pay Rs. 12,95,089.15 with 18% interest per annum thereon fr