( 1 ) RULE. Mr. Sanjanwala waives service of Rule.

( 2 ) THE dispute relates to execution of a foreign award, in India, under the provisions of Arbitration and Conciliation Ordinance, 1996 (which now has become "act" ). The applicant is a foreign corporate body whereas the opponent is a partnership firm carrying on business in India. It appears that as some disputes arose between the parties, the same were referred to a domestic Tribunal as per the provisions of the Arbitration Act, 1950, in force in United Kingdom. The domestic tribunal resolved the disputes and passed award on 25-2-1996 in favour of the applicant for a sum of US $ 1,53,650 (equivalent to Rs. 56,69,685. 00) with interest at the rate of 18% per annum from 1-1-1995 till the date of the award. Since the opponent against whom the award operates is carrying on business and is having property within the territory of India, the applicant initiated execution proceedings no. 3 of 1996 in the Court of District Judge, Bhavnagar (Gujarat), India, under secs. 36, 49 and 58 of the Arbitration and Conciliation Ordinance, 1996 (hereinafter referred to as the said Ordinance or the "said Act" ). After institution, the