SPML INFRA LIMITED Vs. NTPC LIMITED

JUDGEMENT

(1.) The petitioner (hereafter 'SIL') has filed the present petition under Sec. 34 of the Arbitration and Conciliation Act, 1996 impugning an arbitral award dated 2/3/2014 (hereafter the 'impugned award') delivered by the Arbitral Tribunal comprising of Justice (Retired) M.C. Agarwal as the Sole Arbitrator (hereafter the 'Arbitral Tribunal').

(2.) SIL claims that it is a leading infrastructure company and has executed several projects. The respondent (hereafter 'NTPC') is a Government of India enterprise and is, inter alia, engaged in the activity of generating electricity and managing the sale. NTPC had issued a Notice Inviting Tenders (NIT) on 02.05.2006 for inviting bids for the work of 'Construction of the Main Plant Civil Works Package for Korba Super Thermal Power Project, Stage III (I x 500 MW)' (hereafter the 'Project').

(3.) On 12/6/2006, SIL submitted its bid pursuant to the aforesaid NIT. The same was found to be the lowest and after negotiation, NTPC issued a Letter of Award (hereafter 'LOA') dated 8/9/2006 whereby, the aforesaid contract was awarded to SIL. Thereafter, the parties entered into a contract bearing no. CS-2140-322-9-CS-COA-4740, in respect of the aforesaid Project on 28.02.2007 (hereafter 'the Contract').