( 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 applic