The main legal point established in the judgment is that Section 31 (7) (b) of the Arbitration & Conciliation Act, 1996 mandates payment of interest at the specified rate of 18% per annum for the post-award period if the arbitral award does not direct payment of interest. However, the appellant's restriction of the claim to simple interest at 9% per annum was accepted by the court.

Gita Mittal, J.

1. The instant appeal arises out of an arbitral award dated 13th November, 2006 directing the respondent to refund Rs. 4,00,000/- out of the royalty amount deposited by the appellant to it (Page No. 30). The respondent filed objections to the arbitral award which came to be registered as OMP No. 105/2007 which remained pending in this Court for a considerable period. While dismissing these objections on 16th November, 2012 the learned Single Judge held that it was not just and fair for the respondent to retain the entire royalty amount which had been deposited by the appellant with it. It was further held that no grounds were made out to interfere with the arbitral award. While dismissing the objections, the learned Single Judge directed payment of simple interest @ 9% p.a. on the amount awarded from 16th November, 2012 (the date of the order) till the date of the payment.

2. The appellant thereafter filed an application seeking correction and modification of the order dated 16th November, 2012 pointing out certain mistakes which had appeared in the order as well as regarding the award of interest. This application was registered as IA No. 282/2013. By an order passed on 12th March, 2014 the learned Single Judge only directed certain typographical corrections in the order dated 16th November, 2012.

3. It appears that the respondent had also sought review of the order dated 16th November, 2012 by way of R.P. No. 359/2013. This review petition had earlier been rejected by the order dated 12th March, 2014.

4. The appellant complains that despite the order, no payments were made by the respondents even from the date of the order dated 16th November, 2012. In this background, the appellant was compelled to file Execution Petition No. 136/2014. Mr. Arpit Bhargava, learned counsel for the appellant has drawn our attention to the following submissions contained in para 7 of the petition:

“Amount of claim alongwith interest as per decree or any other relief granted to the Decree Holder. Recovery of decretal amount of Rs. 4,00,000/- together with interest @ 18% p.a. from the date of the award till the date of the decree dated 16.11.2012 and future interest @ 9% p.a. from the date of the decree dated 16.11.2012 till 16.04.2014 (the date of filing of Petition).

The break-up of the same is given below:-

Principal Amount Interest @ 18% p.a. from the date of award dated 13.11.2006	Rs. 4,00,000/-
Till the date of the decree dated 16.11.2012	Rs. 4,32,000/-
Interest @ 9% from the date of decree dated 16.11.2012 till 16.04.2014 (the date of filing of present petition)	Rs. 48,000/-
Total	Rs. 8,80,000/-

    5. In the execution case, before the learned Single Judge on 24th July, 2014, it was recorded that a cheque for Rs. 4,54,345/- had been tendered on 11th June, 2014 which is the decretal amount. The appellant pointed out that the respondent was required to pay interest as well to the appellant under Section 31 (7) (b) of the Arbitration & Conciliation Act, 1996. This position was reiterated on 11th September, 2014.

6. The appellant has by the present appeal assailed the order dated 14th October, 2014 passed by the learned Single Judge rejecting the prayer of the appellant for payment of interest in accordance with Section 31 (7) (b) of the Arbitration & Conciliation Act, 1996 for the period between 13th November, 2006 (the date of the award) till 16th November, 2012 (the date of dismissal of the objections under Section 34 of the Arbitration & Conciliation Act, 1996).

7. We have heard learned counsel for the parties and perused the available record. We may note that appellant raises no dispute for the award of interest @ 9% per annum between 16th November, 2012 and 12th March, 2014. We may also note that there is no dispute to the orders dated 12th November, 2012 an