IRCON INTERNATIONAL LIMITED Vs. MAGNUM BUILDERS

JUDGEMENT

(1.) This is a petition filed under Sec. 34 of the Arbitration and Conciliation Act, 1996 (for brevity "the Act") challenging the Arbitral Award dtd. 15/1/2015 passed by the Sole Arbitrator in the matter between "M/s. Magnum Builders and Developers and Chawla Construction (JV) vs. Ircon International Ltd.".

(2.) The brief facts of the case as per the petitioner are that the petitioner awarded the work of construction of 294 dwelling units and related ancillary works for Married Accommodation Project ("MAP"), Ministry of Defence at Cantonment, Jhansi, Uttar Pradesh, to the respondent/claimant, by Letter of Award dtd. 26/4/2005 and Contract Agreement executed on 16/8/2005. The stipulated period for completion of work was 18 months from 26/4/2005.

(3.) The Arbitration Clause is Clause no. 72.2 of the GCC, which reads as under:-