why does instruction word has left and right side
It’s not actually sides, it’s 2 independent instructions. They are packed this way to save half of the space used by code.
The machine addresses 40-bit words. The instruction set is so simple, and addressable memory is so small, that it’s possible to keep 2 instructions per word.
do they corelate
Usually they run sequentially.
can one side be executed and other not?
Sometimes. If the first instruction is a jump (conditional or not), the machine will not execute the second one because it jumps instead. Similarly, jumps have 2 forms/each, one form jumps to the second instruction of the target address, when that happens, execution goes to the second instruction and the machine won’t execute the first one.