( 1 ) THE applicant has Filed the present applications under Section 36 of the Arbitration and Conciliation Act read with Order 21 Rule II (2) Civil Procedure Code seeking for execution/enforcement of the award passed by the Arbitral Tribunal on 31st December, 1997 awarding an amount of US $ 1,04,000 and interest in Execution Application No. l28/1998 and US $88,250 in Execution Application No. l29/1998. 1 propose to dispose of both the applications by this common judgment/order.

( 2 ) PURSUANT to the disputes arising between the parties, the same were referred to the Arbitral Tribunal. Admittedly, the aforesaid arbitration proceedings were governed by the provisions of the Arbitration and Conciliation Act, 1996. The Arbitral Tribunal received evidence and thereafter passed the award on 31/12/1997 awarding a sum of US $ 1,04,000 in favour of the applicant and against the respondent with interest @ 9% p. a. from 27/12/1995 till the date of payment or decree, whichever is earlier. In respect of the other arbitration proceedings which are the subject matter of Execution Application No. 129/1998, the Arbitral Tribunal awarded a sum of US $ 88,250 in favour of the applicant and against the respondent with interest @ 9% p. a. from 27/12/1995 till the date of payment or decree whichever is earlier. No objection has been raised by any of the parties to the aforesaid award passed by the Arbitral Tribunal seeking for setting aside the awards. Thus, the aforesaid awards have become Final and binding on the parties.

( 3 ) IN the execution petitions, the applicant has sought for payment of interest @ 9% p. a. from 27/12/1995 till the date of payment in addition to the principal sum awarded by the Arbitral Tribunal. However, according to the respondent, the applicant is entitled to payment of interest from 27/12/1995 to 31st March, 1998 i. e. the date on which period of 90 days for Filing an application for setting aside the award, expired. According to the respondent, under the provisions of Section 36 of the Arbitration and Conciliation Act a Fiction is created to treat the award as if it was a decree by a court. It is submitted that once a statutory Fiction is created, an imaginary state of affairs are to be treated as real and all the consequences and incidents must flow as if putative state of affairs in fact existed and that a statutory Fiction must be given full effect and taken to logical conclusion. The learned counsel relied upon decision of the Supreme Court in the State of Bombay vs. Pandurang Vinayak and Others reported in AIR 1953 SC 244. The learned counsel relying on the aforesaid preposition and the. decision of the Supreme Court submitted that thus the awards in question are to be treated as decree w. e. f. 31/3/1998 i. e. after expiry of the statutory period as per Section 34 of the Arbitration and Conciliation act, 1996. Counsel also relied upon the contents of the awards of the Arbitral Tribunal staling that interest @ 9% shall be payable till the date of payment or when a decree is passed whichever is earlier.

( 4 ) ALTHOUGH the awards were passed on 31/12/1997, admittedly payment in terms of the said awards have not been made to the applicant till date. It is stated that since the awards envisage payment to the applicant in US dollars, permission shall have to be obtained from the Reserve Bank of India before such payment could be made to the applicant in foreign currency and so long that permission is not obtained, the respondent could not comply with the award passed by the Arbitral Tribunal. It is , however, contended that in spite of aforesaid position and inability of the respondent to satisfy the decree, no interest could be paid to the applicant after the awards have become decrees by applicability of the legal Fiction. The aforesaid submission of the learned counsel appearing for the respondent is refuted by the counsel appearing for the applicant contending, inter alia, that equitable justice