J U D G M E N T

% 05.01.2022 (Video-Conferencing)

EX.APPL.(OS) 1237/2021

1. The applicant in this application is the award holder, in whose favour the learned sole arbitrator, a former Chief Justice of India, has rendered award dated 7th September, 2018, which was, on applications under Section 33 of the Arbitration and Conciliation Act, 1996 (“the

1996 Act”), preferred by the award holders and the award debtors, amended twice, on 17th September, 2018 and 13th November, 2018 respectively. The second amendment dated 13th November, 2018 is not of particular significance, as it did not tinker with the operative portion of the award and merely corrected certain typographical errors. The first Section 33 order dated 17th September, 2018 is, however, relevant.

2. For the sake of convenience, the petitioners/award holders shall, hereinafter, be referred to as “Landmark”. The respondents constitute the Ansal Group, of which the present judgement would require particular reference only to Respondent 1, M/s Ansal Properties & Infrastructure Limited, who shall, therefore, be referred to, hereinafter, as “APIL”. The Ansal Group, comprising all the respondents, would alternatively be referred to as “the Ansals”.

3. The operative para 11.1 of the award dated 7th September, 2018 read thus:

“11.1 The claims filed by Landmark Group against Ansal Group are allowed to the extent of the following claims. a. Ansal Group shall pay an amount of Rs. 46.01 crores to Landmark Group by way of principal amount.

b. Landmark Group shall pay an amount of Rs. 82,14,92,575/- to Ansal Group on account of interest due and payable for the period upto 09.05.2017 (the date of commencement of arbitral proceedings).

c. The above amount of Rs. 46.01 crores and Rs. 82,14,92,575/- shall carry interest calculated @15%

per annum w.e.f. 10.05.2017 upto a date falling 30 days after the date of the award.

d. Ansal Group shall pay to Landmark Group an amount of Rs. 8.10 crores with interest calculated @15% per annum w.e.f. 29.06.2012 till the date falling

30 days after the date of the award.

e. Ansal Group shall pay to Landmark Group an amount of Rs. 0.60 crores with interest calculated @15% per annum from 01.12.2011 till the date falling

30 days after the date of the award.

f. Ansal Group shall pay to Landmark Group an amount of Rs.1,00,61,220/- by way of costs of the arbitral proceedings.

g. Ansal Group is allowed 30 days time to pay the awarded amount to Landmark Group. Failing such payment the awarded amount shall carry interest @ 18 % p.a. till the date of actual payment.

h. All the claims preferred by Ansal Group are rejected.

i. Ansal Group shall bear the costs of these proceedings as incurred by them.

j. The Landmark Group has made available stamp paper worth Rs 13,68,693/-which has been attached with the award retained on the record of the Tribunal The Landmark Group shall be entitled to recover one- half of the amount of stamp duty from Ansal Group along with the costs of these proceedings.”

4. Clause (b) of the afore-extracted para 11.1 of the award was corrected, vide order dated 17th September, 2018, to read as under:

“b. Ansal Group shall pay an amount of Rs. 82,14,92,575/- to Landmark Group on account of interest due and payable for the period upto 09.05.2017 (the date of commencement of arbitral proceedings).”

5. The result was that, under the arbitral award dated 7th September, 2018, as corrected by order dated 17th September, 2018, the Ansals have become liable to pay, to Landmark, inter alia, (i) the principal amount awarded of ₹ 46.01 crores, (ii) interest, thereon, till 9th May, 2017, which works out to ₹

82,14,92,575/-, being the interest payable upto 9th May, 2017, (iii) interest on the aforesaid amounts of ₹ 46.01 crores and ₹ 82,14,92,575/-, w.e.f. 10th May, 2017 till the expiry of 30 days from the award, i.e. till 7th October, 2018, and (iv) 18% interest on the total aforesaid awarded amount, from

7th October, 2018 till the date of actual payment.

6. The total amount, thu