VEDA RESEARCH LABORATORIES LTD Vs. SURVI PROJECTS

JUDGEMENT

(1.) THE challenge by the Petitioner, Veda Research Laboratories Limited ('VRLL'), in this petition under Section 34 of the Arbitration and Conciliation Act, 1996 ('Act') is to an impugned Award dated 28th September 206 passed by the learned arbitral Tribunal ('Tribunal') in the dispute between the Petitioner and the Respondent, M/s. Survi Projects, arising out of an agreement dated 31st January 1998 entered into between the parties for construction of factory building of VRLL at Noida.

(2.) THE work was to commence on 1st February 1998 and was to be completed by 30th August 1998 for the value of Rs. 1,25,56,948 after adjusting a rebate of 2% of the value of the works quoted.

(3.) CLAIM No. 1 by the Respondent was for the balance amount due under the certified bills. According to the Respondent, the total certified work already done by the Respondent was Rs. 1,23,04,565 out of which Rs. 60,300 being the duplicate amount and Rs. 5 lakhs of retention money were to be deducted. The Respondent acknowledged payment of Rs. 40,60,3340 by VRLL leaving a balance of Rs. Rs.75,99,264. The case of VRLL on the other hand was that the value of the work done was Rs. 1,13,09,554 and the authority to certify the work was the Architect. The Architect certified the work done up to the 10th RA Bill but was thereafter removed by the VRLL and no other Architect was appointed in his place. Consequently, the 11th as well as 12th RA Bills were verified by the Site Engineer.