NTPC LIMITED Vs. HINDUSTAN CONSTRUCTION COMPANY LTD.

JUDGEMENT

(1.) By this petition under Section 34 of the Arbitration & Conciliation Act, 1996 ('the Act'), the Petitioner NTPC Ltd. (NTPC) seeks to challenge the Award and the order dated 29th September, 2013 and 25th January 2014, respectively passed by the Arbitral Tribunal ('AT') in the disputes between NTPC and the Respondent, Hindustan Construction Company Ltd. ('HCC').

(2.) A contract dated 17th November, 2006 for the setting up of 600 MW (4x150 MW) Hydroelectric Power Project in Uttarkashi District, Uttarakhand, styled as Loharinag Pala Hydroelectric Power Project ('Project'). Although the contract was formally signed on 17th November, 2006, it had become effective from 3rd August, 2006 which was the date of issuance of the Letter of Acceptance ('LoA') in favour of HCC. The total value of the contract as agreed was Rs. 246,48,17,654/-. The project was to be completed within 40 months from the date of issuance of the LoA.

(3.) Disputes arose between the parties for the part of the works executed up to December 2008 and were referred to the AT which pronounced an Award dated 10th September, 2012 in favour of HCC. The said Award was challenged by NTPC in this Court by filing OMP No.1148/2012. The claims made by HCC in the said arbitration were as under: