SRICO PROJECTS PVT. LTD. Vs. INDIAN OIL FOUNDATION

JUDGEMENT

(1.) This is a petition under Section 11(6) of the Arbitration and Conciliation Act, 1996 (,,Act) seeking the appointment of an Arbitrator to adjudicate the disputes between the Petitioner, Srico Projects Pvt. Ltd. (,,SPPL), and the Respondent, Indian Oil Foundation, arising out of a contract dated 10th April, 2013 entered into between the parties consequent upon the Respondent awarding the Petitioner the work of "construction of tourist infrastructure facilities comprising of building works, interior works, internal and external electrical works, fire fighting, horticulture and landscaping etc. around Konark Sun Temple Complex in Orissa".

(2.) In terms of the contract, the proposed date of completion of contract was 10th October, 2014. However, the project was unable to be completed within the stipulated time for reasons which need not be discussed in the present order. What is relevant, however, is that Respondent terminated the contract on 16th September, 2015.

(3.) The Petitioner filed OMP (I) 536 of 2015 seeking to restrain the Respondent from invoking bank guarantees (,,BGs) furnished by the Petitioner. This petition was dismissed by the Court holding that the invocation of the BGs by the Respondent was "neither fraudulent nor any special equities are made in favour of the Petitioner."