MANMOHAN, J : (Oral)

1. Present application has been filed by the judgment debtor claiming refund of alleged excess payment of Rs. 60,01,823.18 along with interest at the rate of 16% p.a. w.e.f. 4th October, 2006 till the date the amount is refunded to judgment debtor-DDA.

2. At the outset, learned counsel for judgment debtor-DDA fairly stated that in view of non-encashment of DDA’s cheque No. 090317 dated 27th September, 2006 for Rs. 43,20,531.00/-, he is not claiming refund of the said amount.

3. Consequently, the only issue that arises for consideration before this Court in the present proceedings is as to how much interest is payable to the decree holder.

4. In the Award, learned Arbitrator has awarded interest in the following manner :-

“11.3. A W A R D : It is seen that the work has been completed by the Claimants on 4.8.90. Assuming a reasonable period of 3 months for preparation of the Final Bill and another 6 months for passing of the same, the interest is due from 1.9.1991. The Claimant has demanded interest from 22.12.91 (Exhibit C-82) @ 24% per annum. A rate of 15% simple interest per annum is considered reasonable in the case of abnormal delay in the payment o