JUDGMENT : Being aggrieved by the order dated 8-8-2011 passed byDistrict Judge, Indore in Miscellaneous Arbitration Case No. 3/10 wherebyapplication filed by respondent No. 1 was allowed and the petitioner wasdirected to deposit further sum of Rs. 35,39,625/-, present petition has beenfiled. 2. Shortfacts of the case are that an award was passed against the petitioner on 2-/-10by the respondent No. 2 whereby petitioner was directed to pay a sum of Rs. 57 ,48,564 /-along with interest up to 29-5-10 amounting to Rs.88,33,593/-as calculated by respondent No. 1 or to pay compound interest withmonthly rests on From the Judgment and Order dated 8-8-2011 of the Court ofDistt. Judge, Indore in M.A.C. No. 3/2010. that amount with effect from 2-10-06 three times of the bank rate notified by the ReserveBank of India against which an appeal was filed by the petitioner. In theappeal an application was filed by the respondent No. 1, wherein it was prayedto direct the petitioner to deposit the interest as per Section 16 of theMicro, Small and Medium Enterprises Development Act, 2006 (which shall bereferred hereinafter as 'Act'). The application was allowed and petitioner wasdirected to deposit further sum of Rs. 35 ,39,625 /-,against which present petition has been tiled. 4. LearnedCounsel for the petitioner argued at length and submits that the petitioner hasdeposited a sum of Rs. 73,94,740/-. It is submitted that while calculating theamount holding the petitioner liable to deposit further sum of Rs. 35,39,625/-,learned Court below has not calculated the amount of interest. It is submittedthat the learned Court below has taken into consideration that the figurementioned by the respondent No. 1 as Rs. 88 ,33,593 /-towardsinterest is the correct figure of interest. It is submitted that as per Section16 of the Act petitioner has deposited the entire amount, for which calculationis given by the petitioner which reads as under : - Sr. No. Particulars Amount 1. Principal Amount Rs. 57,48,564/- 2. Interest w.e.f. 2-10-06 to 1-2-11 Rs. 73.94.740.11 5. It is submitted that in the facts and circumstancesof the case learned Court below committed error in directing the petitioner todeposit the amount of Rs. 35,39,625/-. It is submitted that the petition filedby the petitioner be allowed and the impugned order passed by the learned Courtbelow be set aside. 6. 57,48,564/- 2. Interest w.e.f. 2-10-06 to 1-2-11 Rs. 73.94.740.11 5. It is submitted that in the facts and circumstancesof the case learned Court below committed error in directing the petitioner todeposit the amount of Rs. 35,39,625/-. It is submitted that the petition filedby the petitioner be allowed and the impugned order passed by the learned Courtbelow be set aside. 6. Section16 of the Act reads as under : - "16.Date from which and rate at which interest is payable.- Where any buyer failsto make payment of the amount to the supplier, as required under Section 15,the buyer shall, notwithstanding anything contained in any agreement betweenthe buyer and the supplier or in any law for the time being in force, be liableto pay compound interest with monthly rests to the supplier on that amount fromthe appointed day or, as the case may be, from the date immediately followingthe date agreed upon, at three times of the bank rate notified by the ReserveHank." 7. Fromperusal of the record, it is evident that in the award itself there is adirection to the petitioner either to deposit the interest of Rs. 88,30,593/-orto deposit the interest as per Section 16 of the Act. From the order impugnedherein it is evident that the learned Court below has not bothered to calculatethe interest as per option given to the petitioner in the award. Keeping inview the fact that the validity of the award has yet to be tested by thelearned Court below and full amount of principal and substantial amount towardsinterest which is more than the principal has already been deposited by thepetitioner, out of which substantial amount has already been withdrawn by the respondentNo. 1, petition filed by the petitioner is disposed of with a short directionthat the petitioner shall move an appropriate application for review of theorder before the learned Court below with a prayer to review the order dated8-8-11, whereby petitioner has been directed to deposit a further sum of Rs.35,39,625/-along with an application for exclusion of time spent by thepetitioner in prosecuting the present petition/for condo nation of delay. Ifsuch applications are filed, then the learned Court below shall re-calculatethe interest on the amount of Rs. Ifsuch applications are filed, then the learned Court below shall re-calculatethe interest on the amount of Rs. 57 ,48,564 /-as perSection 16 of the Act keeping in view the option given to the petitioner in theaward itself and also keeping in view the/act that the petitioner has depositedthe full amount of principal and substantial amount towards interest andvalidity of the award is yet to be tested in appeal, shall pass fresh orderwithout being impress with the impugned order. With theaforesaid observations, petition stands disposed of.