JUDGMENT :

Ashok Kumar Gaur, J.

1. The instant Misc. Appeal has been filed by the appellants u/Sec. 37 of the Arbitration and Conciliation Act, 1996 (hereinafter shall be referred to as 'the Act of 1996') against the order dated 10.09.2012, passed by the Additional District Judge No. 2, Ajmer in Civil Misc. Case No. 157/2008 (142/2003) whereby the appeal, filed under Section 34 of the Act of 1996 by the appellants, has been partly allowed by reducing the interest and the award dated 15.01.2003, passed by the Sole Arbitrator, has been upheld.

2. The facts, in nutshell, are that a work order was issued to the respondent-claimant for construction of 132 MLD Water Treatment Plant at Kekri, District Ajmer for supply, erection of mechanical equipments, civil works and electrical works under Bisalpur Project. The total value of contract was fixed at Rs.4,37,33,250/-, as lump-sum turnkey project and the work was to be completed till 13.03.1993 and after the grant of provisional extension of time to the claimant, the work was ultimately completed on 29.11.1996. The claimant had not received payment from appellants and as such, there was a dispute between the parties.

3. This Court, vide order d