J U D G M E N T

YASHWANT VARMA, J.

1. The appellant / claimant assails the judgment and orders dated 12 December 2018 and 08 August 2019 passed by the learned Single Judge on the Section 34 petition instituted by the respondent under the Arbitration & Conciliation Act, 19961.

1 1996 Act

2. It would appear from the record that in terms of the judgment which was rendered on 12 December 2018, the learned Single Judge while partly allowing the Section 34 petition had reduced the rate of interest awarded in favour of the appellant / claimant passed by the Arbitral Tribunal2 from 18% to 12% and further restricting the application of interest from the date of accrual of cause of action, namely, 08 March 2004 and providing it to commence from the date of invocation of arbitration, namely, 06 July 2008.

3. After the Section 34 petition had been finally disposed of on 12 December 2018, an application for modification came to be moved by the respondent and which was accepted and disposed of in terms of the order dated 08 August 2019. Dealing with the issues which appear to arise on the appeal and on hearing learned counsel for respective parties, we had, on 15 September 2023, passed the following