ORDER :

1. The present execution petition preferred under Section 36 of the Arbitration and Conciliation Act, 1996, the Act, seeks the issuance of appropriate directions for execution of the award dated 26 May 2017 as a decree of this Court. The petitioner further seeks the grant of consequential release of Rs. 23,46,451/- along with interest on the aforesaid amount with effect from 01 July 2016 till 26 May 2017 together with interest on the principal sum for the period post award till the date of realisation. Additionally, it seeks the recovery of costs of arbitration which have been calculated at Rs. 33,44,717.12/-.

2. For the purposes of consideration of the issues which arise, it would be apposite to notice the following essential facts. The petitioner decree holder and the respondent judgment debtor are stated to have entered into a Hotel Management Agreement dated 10 March 2010. Pursuant to disputes arising between the parties, the petitioner invoked arbitration. The Arbitral Tribunal comprising of a sole arbitrator was appointed by this Court. On conclusion of proceedings, an award came to be rendered on 26 May 2017.

3. A petition under Section 34 of the Act numbered as OMP (CO