S.M. JhunjhunuwalA, J.:—Both these appeals are directed against the common judgment and order dated 20th/23rd April, 1992 of the Learned Single Judge in Arbitration Petition No. 210 of 1989 by which the petition has been dismissed with costs and consequently, on the application of the learned Counsel for the respondents, judgment and decree in terms of the Award dated 24th June, 1989 has been passed with interest on the amount awarded by the arbitrators at the rate of 15% per annum from the date of the Award till payment.

2. On 14th July, 1981, the appellants had entered into a contract with one Paul Lindenau GmBH Co., a company incorporated in the Federal Republic of West Germany (for short, referred as Lindenau) (which contract has been described as Building Contract Part I) for acquisition of a Drillship to be built by Lindenau for the consideration and upon the Terms and Conditions set out therein. The purchase price of the Drillship to be delivered at Kiel in West Germany was agreed at West Germany Deutsche Mark Sixty two million five hundred thousand (DM 62,500,000). Under the said Building Contract Part I, Lindenau has been described as Contractor A and the responde