1 Both the Petitioners have invoked Section 34 of the Arbitration and Conciliation Act, 1996 (for short, the Arbitration Act) and thereby challenged the undated common award. The operative part of the same is as under:

“AWARD

The claim is allowed as follows:

The claimants are entitled to recover Rs. 20,74,359.19 from the Respondent Nos. 1 and 3 to 11 jointly and/or severally together with interest on the above said amount at the rate of 17.5% p.a. from the date of recovery Suit i.e. 20.06.1992 till 18.2.2003 and also further interest at the rate of 14% p.a. (simple mode) from 19.02.2003 till full recovery of the claim is allowed and also Rs.15,000/towards cost of administrative charges.”

2 The Claim Petitions were filed by Respondent No.1 (Original Claimant) against the borrower alleged guarantors, Respondent No. 12 Official Assignee, also made party, as Original Respondent No.1 was declared insolvent. The proprietor expired long back. Respondent Nos. 3 to 7 are his Legal Heirs. The Petitioner in Arbitration Petition 767 of 2009 is original Respondent No. 8 and Arbitration Petition No. 677 of 2009 is by original Respondent No.9. The other Respondents though served not pres