(1.) This petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the 'Act') has been filed by the petitioner challenging the Arbitral Award dated 25.07.2015 passed by the Arbitral Tribunal adjudicating the disputes that have arisen between the parties in relation to the Contract Agreements dated 30.06.2005 executed between the parties for the CW System Package for Sipat Super Thermal Power Project Stage -I (3 X 660 MW) COA NO.:CS-9518-133-2-FC-COA-4575 and COA No.:CS-9518-133-2-SC-COA-4576.
(2.) By the Impugned Award the Arbitral Tribunal has awarded Rs.2.35 crores as damages to the petitioner against a claim of Rs.10.062 crores. The present petition challenges the denial of full claim of the petitioner.
(3.) It is the case of the petitioner that the petitioner had issued a Notice Inviting Bids for the above work, Clauses 7.1A and 7.1B whereof laid down the qualifying requirements for the bidder. In Clause 7.2A and 7.2B, it was further provided that in case the bidder does not himself meet the qualifying requirements, it can submit a bid alongwith an associate who shall furnish an undertaking jointly with the bidder for the satisfactory performance of the work. As far as Clause 7.1B is concerned, the associate was also required to furnish on demand Bank Guarantee for 1% of the contract price in addition to the Contract Performance Security by the bidder. As far as the associate for meeting the eligibility criteria mentioned in Clause 7.1A is concerned, apart from the Joint Deed of Undertaking, the associate was to furnish on demand Bank Guarantee of 4% of the contract price in addition to the Contract Performance Security by the bidder.