JUDGMENT :

G.S. KULKARNI, J.

1. This is a petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short, “the Act”) whereby an interim award dated 21 February, 2020 passed by the learned sole arbitrator has been assailed. The operative portion of the award reads thus:-

“INTERIM AWARD

(i) The Claimant No. 1, i.e. Madhav Hari Karmarkar, would be entitled to an amount of Rs.1,04,45,000/- (Rupees One Crore Four Lakhs Forty Five Thousand only) being the principal amount calculated in terms of clause 9 of the PAAAs from the dates shown in the chart.

(ii) The Claimant No. 1, i.e. Madhav Hari Karmarkar, would be entitled to interest at the rate of 9% per annum on the amount due per year upto 31st May 2020 and thereafter upto the date of payment.

(iii) The Claimant No. 2, i.e. Sai Madhav Karmarkar, would be entitled to an amount of Rs.1,04,45,000/- (Rupees One Crore Four Lakhs Forty Five Thousand only) being the principal amount calculated in terms of clause 9 of the PAAAs from the dates shown in the chart.

(iv) The Claimant No. 2, i.e. Sai Madhav Karmarkar, would be entitled to interest at the rate of 9% per annum on the amount due per year upto 31st May 2020 and therea