FAO No.737 of 2009 (O&M) IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH FAO No.737 of 2009 (O&M). Decided on: May 17, 2011. State of Haryana and others. .. Appellants VERSUS M/s Ajit Construction Company. .. Respondents * * * CORAM: HON'BLE MR.JUSTICE M.M.S.BEDI 1. Whether reporters of local papers may be allowed to see the judgment? 2. Whether to be referred to the Reporter? 3. Whether the judgment should be reported in the Digest? * * * PRESENT Mr.Deepak Jindal, DAG., Haryana, for the appellants. Mr.Vaibhav Jain, Advocate, for the respondent. M.M.S. BEDI, J. In an another appeal between the appellants and the respondent, the respondent has been held entitled to interest @ 7 per cent per annum w.e.f., the date of award on the delayed payment. . . . 1 FAO No.737 of 2009 (O&M) In the present case, the arbitrator has awarded interest @ 18 per cent per annum on delayed payment of ` 7,88,342/- w.e.f., 01.04.2000 till the date of award and further till the date of payment and similar rate of interest on claim of ` 900/- w.e.f., 01.04.2000. In the interest of justice, taking into consideration the prevalent rate of interest awarded by the banking institutions, the rate of interest is reduced from 18 per cent per annum to 7 per cent per annum. The award and the order of the Court below under Section 34 of the Act, are upheld. However, the rate of interest on delayed payment is reduced from 18 per cent per annum simple interest to 7 per cent per annum simple interest on a sum of ` 7,88,342/- w.e.f., 01.04.2000 till realization. Same rate of interest will be payable on claim of ` 900/- w.e.f., 01.04.2000. The appeal is disposed of with above modification. (M.M.S.BEDI) JUDGE May 17, 2011. rka . . . 2