EXECUTIVE ENGINEERING Vs. IVRCL LTD

JUDGEMENT

(1.) This Original Petition has been filed under Sections 14, 15 and 11(6) of the Arbitration and Conciliation Act, 1996, for terminating the mandate of the present Arbitrator and for substitution of a new Arbitrator.

(2.) The case of the petitioner is that, on behalf of the Government of India, the petitioner entered into a contract award Agreement No.01/II TMPD/2012-13, dated 25.09.2012 with the 1 st respondent (in short 'Agreement'). The said contract was awarded for the construction of an Academic complex and Canteen Building, including internal water supply, sanitary installations, drainage and internal electrical installations at IIT Madras, Chennai for the cost of Rs.75,65,36,398/- which includes both Civil and Electrical works.

(3.) As per the said contract, which was accepted by the first respondent on 25.09.2012, the work has to be commenced on 17.10.2012 and it has to be completed on or before 16.04.2014. As per the terms and conditions of the contract, the first respondent has to submit a performance guarantee of 5% of the agreed value of the work and a Bank Guarantee of 110% towards mobilization advance and also earnest money deposit (EMD) amounting to Rs.58,82,772/-. The first respondent in fact, had complied with all those conditions.