FAO No.947 of 2009 (O&M) IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH FAO No.947 of 2009 (O&M). Decided on: May 17, 2011. State of Haryana and another. .. Appellants VERSUS M/s S.S.Builders, Kothi No.2169, Sector 5, Urban Estate, Karnal. .. Respondent * * * 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.947 of 2009 (O&M) In the present case, interest of ` 2,45,689/- calculated @ 24 per cent per annum on delayed payment of ` 3,79,974/- has been awarded by the arbitrator. In the interest of justice, taking into consideration the prevalent banking rate of interest awarded by the banking institutions, the rate of interest is reduced from 24 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 24 per cent per annum simple interest to 7 per cent per annum simple interest on a sum of ` 3,79,974/- w.e.f., 01.12.1999 till realization. Same rate of interest will be payable on claim of ` 900/- w.e.f., 01.12.1999. The appeal is disposed of with above modification. (M.M.S.BEDI) JUDGE May 17, 2011. rka . . . 2