:JASMEET SINGH, (J)

1. This is a petition under section 36 of the Arbitration and Conciliation Act, 1996, (hereinafter referred to as „Act‟) read with Order XXI Rule 10 & 11(2) of the CPC, seeking enforcement of the arbitral award dated 17.07.2007 passed by the learned Arbitrator, Justice P. K. Bahri (Retd.), in Arbitration Case No. 380/2004, titled as „M/s Ishwar Industries Ltd. v. M/s Growth Techno Projects Ltd.‟

2. The operative portion of the arbitral award reads asunder: “74. In view of the findings given above, I make the award as follows: -

I. That M/s. Ishwar Industries Ltd. shall pay to M/s. Growth Techno Project Rs.3,06,32,550/- (Rupeesthree crore, six lac, thirty-two thousand five hundred and fifty) on or before 31stOctober,

2007. II. That in case of default in paying the aforesaid amount in time given, M/s. Ishwar Industries Ltd. shallpay interest @ 12% per annum on the unpaid amount from the date of the default till payment.

III. That the claims of M/s. Ishwar Industries Ltd. are rejected.

IV. In view of the peculiar facts, the parties are left to bear their own costs.”

3. The petitioner/decree holder, by way of the present petition, avers that the respondent/judgmen