CHIEF ENGINEER/CN/EAST Vs. V KALYANI

JUDGEMENT

(1.) The instant petition has been filed by the petitioner under Section 34 of the Arbitration and Conciliation Act, challenging the Award dated 28.5.2015, passed by the Arbitral Tribunal against the petitioner.

(2.) The Arbitral Tribunal comprising the second, third and fourth respondents as the Arbitrators passed the Award dated 28.5.2015, directing the petitioner to pay to the first respondent a sum of Rs.5,02,851/- within a period of 45 days from the date of the Award, failing which the Award amount shall carry simple interest at the rate of 12% per annum from the date of the Award till the date of payment.

(3.) The first respondent was appointed as a contractor by the petitioner under an agreement dated 10.04.2007, and the total value of the contract was Rs.39,03,354/-. There arose disputes between the first respondent and the petitioner and the dispute was referred to Arbitration in accordance with the Arbitration clause contained under the agreement.