JUDGMENT :

BORANA, J.

1. The present appeal has been preferred against the order dated 03.02.2023 passed by the Commercial Court No.2, Jodhpur (hereinafter referred to as ‘the learned Court below’) in Civil Misc. Case No.21/2022 (NCV No.31/2020) whereby the objections under Section 34 of the Arbitration and Conciliation Act, 1996 (for short ‘the Act of 1996’) preferred by the appellants against the award dated 23.05.2002 passed by learned Arbitrator have been rejected. Vide the award, the learned Arbitrator had proceeded on to pass an award for an amount of Rs.3,12,010/-in favour of the claimant-firm with past and pendente lite interest from 01.08.1995 to 23.05.2002 on claim Nos.2, 6, 7 & 8. The rate of interest as awarded was @ 15% per annum from 01.08.1995 till 31.03.1998 and @ 12% per annum from 01.04.1998 till the date of award. Future interest has been granted w.e.f. 16.08.2002 @ 12% per annum. Counter-claim qua cost of arbitration as preferred by the non-applicants was rejected.

2. The facts of the case are as under:

(A) Agreement No.CEAZ/UTL/06 of 90-91 was entered into betw