RELIANCE INDUSTRIES LTD Vs. GAIL (INDIA) LTD

JUDGEMENT

(1.) The present Appeal under Section 13 of the Commercial Courts Act, 2015 (hereinafter 'Commercial Courts Act') read with Section 37(1) of the Arbitration and Conciliation Act , 1996 (hereinafter referred to as "Act") assails the judgment dated 16.07.2019 passed in O.M.P. 597/2012, whereby the learned Single Judge has upheld the Arbitral Award dated 25.05.2012 passed by Hon"ble Mr. Justice B. P. Jeevan Reddy (Retd.), Sole Arbitrator, and consequently dismissed the challenge under Section 34 of the Act. Factual Background:

(2.) The facts in brief leading to the filing of the present appeal are as follows:

(3.) The learned Arbitrator vide award dated 25.05.2012 allowed the claim of the Respondent, holding that it was entitled to raise Debit notes for additional amounts on the basis of "whichever is higher" principle stipulated under Article 11.02 of the Agreement. However, the plea of limitation, raised by the Appellant was accepted and the award of claim was restricted to a period of three years i.e. from 01.08.2005 to 31.08.2008. Interest was awarded at the rate of 9% per annum from the date of Award till realization.