Vipin Sanghi, J.

1. These are two execution petitions preferred in relation to and arising out of the arbitral award dated 29.08.2009 made by Mr. Justice R.P. Gupta (Retd.), the Arbitral Tribunal. While Execution Petition No. 38/2010 has been preferred by M/s Associated Builders & Contractors, who acted as the contractor, Execution Petition No. 165/2010 has been preferred by M/s Sahyadri Cooperative Group Housing Society Limited, the Cooperative Society.

2. Before I deal with the respective submissions of the parties, I may first set out a few relevant facts. The parties entered into a contract on 11.10.1995, whereunder the contractor agreed to raise construction of residential flats for the society. The work was to be completed within 18 months. The work order was issued on 01.01.1996 and the date of completion of the work was 31.07.1997. The Society terminated the contract on 01.01.1999. Disputes arose between the parties. The society preferred O.M.P. No. 27/1999 before this court to seek interim measures under Section 9 of the Arbitration & Conciliation Act, 1996. The Contractor claimed that its dues were outstanding. On 12.05.1999, the parties agreed that on the society depositin