ASHIMA INFRASTRUCTURE PVT. LTD. Vs. PARSVNATH DEVELOPERS LTD.

JUDGEMENT

(1.) The petitioner (hereinafter 'AIPL') has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter the 'A&C Act'), inter alia, impugning the Arbitral Award dated 06.07.2018 (hereinafter the 'impugned award') passed by the Arbitral Tribunal comprising of a learned Sole Arbitrator.

(2.) The impugned award has been rendered in the context of disputes that have arisen between the parties in relation to a SubLicense Agreement dated 01.10.2009.

(3.) By the impugned award, the Arbitral Tribunal has partly accepted the claims preferred by the respondent. The Arbitral Tribunal has accepted that the total amount payable to the respondent in respect of its claim is Rs. 2,25,66,369/-. The Tribunal further allowed interest at the rate of 18% per annum on the said amount as pendente lite and future interest. The Tribunal also awarded costs quantified at Rs. 2 lacs to the respondent.