IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. FAO No.3818 of 2008 Decided on 11.11.2010. Punjab State Civil Supplies Corporation Ltd SCO No.36-40,Chandigarh --Appellant Vs. Anand Rice & General Mills Jalalabad Road, Muktsar and others --Respondents CORAM: HON'BLE MR.JUSTICE RAKESH KUMAR JAIN Present: Mr.G.S.Sandhawalia,Advocate,for the appellant Mr.S.K Rishi,Advocate,for the respondents Rakesh Kumar Jain, J, This appeal is directed against the order dated 18.8.2007 passed by Addl. District Judge, Chandigarh, by which application filed under Section 34 of Arbitration & Conciliation Act, 1996 (for short,'the Act') against the arbitral award dated 10.3.2005 has been dismissed. Learned Arbitrator had found that the appellant's claim was only for `.55,133/- which could have been easily adjusted against security amount of `50,000/- lying with it. Accordingly, the Arbitrator awarded recoverable amount of `5,133/- carrying an interest @ 21% per annum from 1.9.2001 to the date of actual realization. Aggrieved against the aforesaid order, objections were filed which were dismissed. Hence, the present appeal has been filed FAO No.3818 of 2008 -2- under Section 37 of the Act. The only point raised by learned counsel for the appellant is that as per clause 13 of the Agreement dated 25.9.1999, the amount of security lying with the appellant would not bear any interest and as such the same would not be adjusted or refunded. During the course of hearing, learned counsel for the appellant has very fairly conceded that the amount of `50,000/- has been adjusted without interest. In view of thereof, the agitation of learned counsel for the appellant that the security loan is to be adjusted and not the amount of interest, is ill founded. Hence, the present appeal is without any merit and the same is dismissed. No costs. 11.11.2010 (Rakesh Kumar Jain) RR Judge