AHLCON PARENTERALS INDIA LTD Vs. SCAN BIOTECH LTD

JUDGEMENT

(1.) Ahlcon Parenterals (India) Ltd. (hereinafter "Ahlcon"), a company incorporated under the Companies Act, 1956, 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 31.08.2020, as amended on 16.09.2020 and 26.09.2020 (hereafter "the impugned award") delivered by the Arbitral Tribunal comprising of a former judge of the Supreme Court of India as the Sole Arbitrator.

(2.) The impugned award has been rendered in the context of disputes that have arisen between the parties in relation to a Loan License Agreement (hereafter "the Agreement") dated 25.01.2012, which was further on 21.01.2015 and 20.01.2017.

(3.) Ahlcon had claimed an amount of Rs.3,87,07,178.39 along with interest. The Arbitral Tribunal partly allowed the claims and by the impugned award, entered an award for an amount of Rs.1,39,76,327 with interest at the rate of 12% per annum from 25.01.2015 till the date of payment. The Tribunal further awarded proportionate cost in relation to the proceedings, incurred by the petitioner.