FAO No.2679 of 2009 -1- IN THE PUNJAB AND HARYANA HIGH COURT AT CHANDIGARH FAO No.2679 of 2009 (O&M) Date of decision : 21.1.2010 M/s Punjab Rice Mills, near grain Market Road, Amloh and another ..Appellants. Vs. The Punjab State Civil Supplies Corporation Ltd. (PUNSUP) and others ..Respondents. CORAM: HON'BLE MR.JUSTICE RAKESH KUMAR JAIN Present : Mr.S.P.Garg, Advocate for the appellants. Mr.C.S.Bakshi, Advocate for the respondents. RAKESH KUMAR JAIN, J. At the time of notice of motion, it was argued by the counsel for the appellant that “the interest awarded @ 18% per annum during the pendency of the Arbitration proceedings should have been 9% in view of the decision of the Supreme Court in the case of “Krishna Bhagya Jala Nigam Ltd. Vs. G.Harichandra Reddy” 2007(1) Apex Court Judgments 359 (SC)”. Pursuant to the notice, Sh.C.S.Bakshi, Advocate has put in appearance and has argued that the grievance shown by the appellant is misconceived as the learned Court below while disposing of the Objection under Section 34 of Arbitration and Conciliation Act, 1996 has already reduced the interest from 18% to 9%. It is so contained in para 19 and 20 which reads as under : “This Court is of the considered opinion that grant of FAO No.2679 of 2009 -2- future interest @ 18 % is not reasonable and towards the excessive side. Keeping in view the nature of the amounts that were to be directed to be paid and current rate of interest this Court is of the considered opinion that it would meet the ends of justice if it is reduced to 9% p.a. from date of passing Award till realisation. Thus, the award is modified accordingly to this extent only. As such, issue No.1 stands decided accordingly. In view of my finding on issue No.1, this objection petition is devoid of merit and the same is hereby dismissed with costs subject to abovesaid modification with regard to future interest as stated above. The award under challenge is upheld subject to abovesaid modification with regard to future interest which is awarded at the rate of 9% p.a. from the date of award i.e. 29.8.2003 till realisation. Counsel fee Rs.1,100/-. Memo of costs be prepared accordingly. Records be returned. The file be consigned to the record room.” In view of the above, I do not find any merit in the present appeal and the same is hereby dismissed. (RAKESH KUMAR JAIN) 21.1.2010 JUDGE Meenu