We may however clarify that it would be open to the applicant to take recourse to any other remedy that may be permissible under the law for the prayers sought in the present application, or to file appropriate proceedings seeking a refund of the amount deposited with the appellant-bank, as may be permissible under the law.

We have thus come to the conclusion that the NCLAT's impugned judgment cannot be faulted for reopening the chapter at the behest of the appellant. We find it difficult to unleash the hydra-headed monster of undecided claims on the resolution applicant. The result of the aforesaid is that the appeal is dismissed leaving the parties to bear their own costs.

The awards, which were the subject matter of challenge, and to the extent they were set aside, are hereby upheld and restored. The direction in the awards, to the extent they required compounded monthly interest payments, are modified.

Accordingly, the order impugned is set aside and we direct that Writ Petition No. 1787 of 2021 on the file of the High Court of Judicature at Bombay, Nagpur Bench, Nagpur shall stand dismissed. The Appeal is allowed. No order as to costs.

In view of the foregoing discussion, the impugned judgment warrants interference and is hereby set aside to the extent of modification of the rate of interest for past, pendente lite, and future interest. The 18% per annum rate of interest, as awarded by the arbitrator on 21.01.1999 (in Claim No. 9) is reinstated. The respondent-state is hereby directed to accordingly pay the dues within 8 weeks from the date of this judgment.