DELHI STATE INDUSTRIAL AND INFRASTRUCTURE DEVELOPMENT AND CORPORATION LTD Vs. PNC DELHI INDUSTRIAL INFRA PVT LTD

JUDGEMENT

(1.) This petition under Sec. 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 05.10.2018 passed by the Sole Arbitrator adjudicating the disputes that had arisen between the parties in relation to the Concession Agreement dated 19.07.2011 for Redevelopment and Management of Narela Industrial Estate, Delhi.

(2.) Pnc Infratech Ltd. was the successful bidder for the said work, while the respondent is the Special Purpose Vehicle formed by the said bidder for the purposes of the Concession Agreement.

(3.) The primary dispute between the parties before the Arbitrator was on a claim of Annuities payable to the respondent by the petitioner under Claim no.1. The Arbitrator in his Impugned Award has held that the respondent was entitled to claim Annuities with effect from 01.11.2013 as the Provisional Certificate of Completion was issued by the Third Party Engineer (TPE) with effect from 31.10.2013.