VOITH HYDRO LTDA Vs. NTPC LIMITED

JUDGEMENT

(1.) By this order, this Court shall dispose of the application filed by the Decree Holders - Ex. Appl. (OS) 988/2020 - whereby the Decree Holders (hereafter collectively referred to as 'Voith') have, inter alia, sought directions against the Judgment Debtor (hereafter 'NTPC') to pay a sum of Rs. 21,17,72,890.83/-. According to Voith, the said sum remains to be paid by NTPC to discharge the Arbitral Award dated 23.08.2016 (hereafter 'the Award'), which is sought to be enforced under Section 36 of the Arbitration and Conciliation Act, 1996 (hereafter the 'A&C Act') . In addition, Voith also prays that directions be issued to NTPC to forthwith pay it Rs. 2,88,31,380/-, which is the cost incurred by Voith to extend the Bank Guarantees furnished to NTPC.

(2.) The Award was passed in the context of disputes that had arisen between the parties in connection with an agreement for execution of a Hydro Electric Project to be constructed on the river Bhagirathi known as Loharinag Pala Hydro Electric Power Project (4x150MW).

(3.) In terms of the Award, Voith was awarded a total sum of USD 10,688,455.95; EUR 3,341,171.32; and Rs. 153,495,177.90. The compensation awarded to Voith under various heads, as summarized by the Arbitral Tribunal, is set out below:- <IMG>JUDGEMENT_13_LAWS(DLH)3_2021_1.jpg</IMG>