BADAR DURREZ AHMED, J.

( 1 ) -THESE applications have been filed under Order 47 read with Section 151 of the Code of Civil Procedure, 1908 by way of objections to the Execution Petition. The Execution Petition has been filed by the decree-holder for execution of the consent award made and published by the Sole arbitrator Justice A. P. Chowdhri (Retired) on 28/6/2003. Background:

( 2 ) AS noted in the Award the decree-holder had advanced a loan of Rs 5 crores to Morepen Laboratories Limited (JD No. 1 ). The terms and conditions of the loan were incorporated in the Inter Corporate Deposit (ICD) Agreement dated 19. 9. 2002. Clause 5 of the said ICD Agreement provided for the rate of interest and was as under:"5. The normal agreed rate of interest for placement of the ICD is 36% p. a. , however as a special case the lender is placing the ICD at concessional rate of 21% front ended payable at quarterly rests. In case of delay or default in making payment of principal amount or any part thereof on its due date, the normal rate of interest of 36% p. a. with monthly rests shall be payable by the borrower from the date of default till the date of repayment of the ICD along with interest/ov