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TMI Blog2021 (12) TMI 1479X X X X Extracts X X X X X X X X Extracts X X X X ..... an arbitration for purposes of Section 12(2) of the Commercial Courts Act. It is settled principle of interpretation of statute that words of a statute are first understood in their natural and ordinary sense, unless that leads to some absurdity or unless there is something in the context, or in the object of the statute to suggest the contrary. In Section 12(2) of the Commercial Courts Act there are no reason to restrict the ambit and width of value of claim in arbitration from its natural meaning of including interest claimed till the date of invocation of arbitration. The portion of interest claimed till the date of invocation of arbitration would therefore, have to be taken into consideration under Section 12(2) of the Commercial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rator. The first nine claims aggregated to an amount of ₹1,92,49,235/- (Rupees one crore ninety-two lakh forty-nine thousand two-hundred thirty-five). Claim no. 10 was for future and pendente lite interest which, in terms of the judgment of this Court in M/s Icon Controls Pvt. Ltd. v. M/s Alstom Projects India Ltd., 2012 SCC OnLine Del 5311, was not to be considered for the purposes of determination of the pecuniary jurisdiction. He also places reliance on the judgment of the Supreme Court in State of Maharashtra v. Mishrilal Tarachand Lodha Ors., AIR 1964 SC 457, in support of his submission. 3. The learned counsel for the appellants further submits that Section 12 of the Commercial Courts Act, 2015 (hereinafter referred to as t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terest, if any, computed upto the date of filing of the suit or application, as the case may be, shall be taken into account for determining such Specified Value. xxxxx (2) The aggregate value of the claim and counter-claim, if any as set out in the statement of claim and the counter-claim, if any, in an arbitration of a commercial dispute shall be the basis for determining whether such arbitration is subject to the jurisdiction of a Commercial Division, Commercial Appellate Division or Commercial Court, as the case may be. 6. Section 12(2) of the Commercial Courts Act clearly provides that Aggregate Value of the claim and counter-claim, if any, in an arbitration of a commercial dispute shall be the basis for determining the pec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lear. 8. The judgments in M/s Icon Controls Pvt. Ltd. (supra) and Mishrilal Tarachand Lodha (supra) relied upon by the learned counsel for the appellants can be of no assistance to the appellants. Both the above judgments were considering a plea whether the interest pendente lite or future interest is to be considered for purposes of determining the pecuniary jurisdiction of the Court / the Court-fee payable in an appeal. In fact, observations were made that there is no dispute that interest claimed till the filing of the suit has to be added for such a purpose. 9. In the present case, claim no. 10 raised by the respondent before the learned Sole Arbitrator, reads as under: CLAIM NO.:10 FOR FUTURE AND PENDENTE LITE INTEREST ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of arbitration would therefore, have to be taken into consideration under Section 12(2) of the Commercial Courts Act for determining the Aggregate Value of the claim. There is no dispute, in the present case, that when such interest is added, the Aggregate Value of the claim would exceed ₹2,00,00,000/- (Rupees two crore) making the petition under Section 34 of the Act beyond the pecuniary jurisdiction of the learned District Court. 12. We, therefore, find no infirmity in the Impugned Order. The appeal is, accordingly, dismissed. However, this shall not in any manner preclude the appellants from instituting a petition under Section 34 of the Act in accordance with law before the Court of competent jurisdiction. 13. There ..... X X X X Extracts X X X X X X X X Extracts X X X X
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