NTPC LIMITED Vs. LARSEN AND TOUBRO LIMITED

JUDGEMENT

(1.) This petition has been filed under Sec. 34 of the Arbitration and Conciliation Act, 1996 ('Act of 1996', hereinafter) challenging the order dated February 18, 2022 passed by the Arbitral Tribunal rejecting the application of the petitioner herein seeking updation/revision of its counter claims.

(2.) The petitioner, NTPC Limited, is a wholly owned company of the Government of India, registered under the Companies Act, 1956. The respondent No. 1, Larsen and Toubro ('L&T', for short) and respondent No.2, Alpine Mayreder Bau GmbH ('Alpine' for short), are the constituents of a Joint Venture ('JV', for short), which was awarded a contract, pursuant to which an agreement dated January 19, 2007 was entered into, with the said JV on the first part and the petitioner on the second part.

(3.) Owing to certain disputes amongst the parties, an Arbitral Tribunal consisting of three members was constituted. Respondent No.1 submitted its Statement of Claims before the Tribunal, arraying the petitioner and respondent No. 2 herein as respondent Nos. 1 and 2 respectively. On January 09, 2014, the petitioner terminated the agreement dated January 19, 2007, invoking clause 63 therein, citing failure on part of the respondent No. 1 in discharging its contractual obligations.