TELECOMMUNICATION CONSULTANTS INDIA LTD Vs. MBL INFRASTRUCTURE LTD

JUDGEMENT

(1.) The petitioner has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter 'the A&C Act') impugning an arbitral award dated 20.01.2020 (hereinafter the 'impugned award') passed by the Arbitral Tribunal comprising of three Arbitrators, Mr. O.P. Gaddhyan, Mr. Vipan Kumar and Justice (Retd.) Reva Khetrapal as the presiding arbitrator. Whilst Mr. O.P. Gaddhyan and Justice (Retd.) Reva Khetrapal delivered the impugned award by majority, Mr. Vipan Kumar entered a dissenting opinion on 23.01.2020.

(2.) The impugned award has been rendered in the context of disputes that have arisen between the parties in relation to an agreement dated 17.09.2008, as amended by an agreement dated 31.10.2008.

(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 would be Rs. 5,91,36,814. The Tribunal further allowed interest at the rate of 12% per annum, as per normal banking norms on the said amount calculated from 24.12.2013 (i.e. the date of filing of Statement of Claim) till the date of making and publishing the award. The Tribunal further directed that the said payment be made within a period of 30 days failing which a further interest of 12% per annum is to be applicable from the date of the Award till the date of payment. The Arbitral Tribunal also awarded cost quantified at Rs. 58,48,927/- along with simple interest at the rate of 12% per annum.