1. This appeal has been filed by the appellants against the order of the learned Single Judge of this court whereby the execution petition of the appellants was dismissed as not maintainable.

2. Brief facts relevant for deciding this appeal are that the appellant M/s Ircon International Ltd. (Ircon) and the respondent M/s National Building Construction Corp. Ltd. (NBCC) entered into an agreement whereby NBCC proposed to construct the commercial building on plot no. 15, Bhikaji Cama Place, New Delhi. IRCON made a payment of Rs. 15, 93, 00,000/- to NBCC which is almost 90 per cent of the sale price. After construction of the building, however NBCC did not handover the requisite space to IRCON and sold it to others by making profits.

3. In view of the arbitration clause contained in the agreement, arbitrator entered upon the reference and made his Award dated 22.6.1999 granting partial relief to IRCON. IRCON filed an appeal in the appellate authority who by his award dated 8.10.99 directed refund of the entire advance of Rs. 15,93,00,000/- along with interest thereon @ 15 per cent per annum in case NBCC fails to make the payment of the awarded principal amount wit