JUDGMENT :

Moushumi Bhattacharya, J.

1. The award-holder has filed this application in its execution proceeding pertaining to an Award dated 30th September, 2008. By the impugned Award, the award-debtor was held liable for a sum of Rs.3,87,73,200/- on account of the award-holder’s loss of profit. The learned Arbitrator also awarded costs assessed at Rs.4 lakhs in favour of the award-holder. The Award has now fructified into a decree of the Court and the award-holder says that the award-debtor should be directed to pay interest on the Award at 18% per annum till the date of payment.

2. Learned counsel appearing for the award-holder submits that the rate of interest would be 18% taking into account the position before the Amendment of 2016 which came into effect from 23.10.2015. Counsel also places paragraph 15.12 of the Award to say that the interest at 18% would start accruing if the award-debtor failed to pay the awarded sum within a reasonable period. Counsel submits that the award-holder construed this reasonable period from 1st February, 2009 and accordingly seeks interest at 18% on the awarded amount from 1st February, 2009.

3. Learned counsel appearing for the award-debtor submit