Back
VIBHU BAKHRU
Voith Hydro LTDA – Appellant
Versus
NTPC Limited – Respondent
JUDGMENT :
VIBHU BAKHRU, J.
1. By this order, this Court shall dispose of the application filed by the Decree Holders - Ex. Appl. (OS) 988/2020 - whereby the Decree Holders (hereafter collectively referred to as ‘Voith’) have, inter alia, sought directions against the Judgment Debtor (hereafter ‘NTPC’) to pay a sum of Rs.21,17,72,890.83/-. According to Voith, the said sum remains to be paid by NTPC to discharge the Arbitral Award dated 23.08.2016 (hereafter ‘the Award’), which is sought to be enforced under Section 36 of the Arbitration and Conciliation Act, 1996 (hereafter the ‘A&C Act’). In addition, Voith also prays that directions be issued to NTPC to forthwith pay it Rs.2,88,31,380/-, which is the cost incurred by Voith to extend the Bank Guarantees furnished to NTPC.
2. The Award was passed in the context of disputes that had arisen between the parties in connection with an agreement for execution of a Hydro Electric Project to be constructed on the river Bhagirathi known as Loharinag Pala Hydro Electric Power Project (4x150MW).
3. In terms of the Award, Voith was awarded a total sum of USD 10,688,455.95; EUR 3,341,171.32; and Rs.153,495,177.90. The compensation awarded to Voith
Arbitration - Application for setting aside arbitral award – Enforcement of – Amounts awarded in different currencies – Execution of award - it necessary to clarify that the calculations for discharg....
The court ruled that an unsubstantiated claim for set off cannot affect the enforceability of an arbitral award, and interest on decreed amounts runs from the date the claim arose.
Arbitral tribunals have discretion over fact-finding, and courts should not re-evaluate evidence unless decisions violate public policy or involve patent illegality.
In enforcement of arbitral awards, the applicable exchange rate for foreign currency amounts is determined by the date the award became final, not the date of demand.
Future interest on an arbitral award must be calculated on the total sum directed to be paid, including both principal and interest components. Liability for such interest accrues starting from the d....
The main legal point established in the judgment is the interpretation and application of Section 34 of the arbitration and Conciliation act, 1996 to an international commercial arbitration, and the ....
Payment recognized under decree requires unconditional compliance; bank guarantees do not suffice, and interest continues until funds are available to the decree holder.
The main legal point established in the judgment is that the decision of the Arbitral Tribunal must be based on evidence and material on record, and the Court will not interfere with the award unless....
The court emphasized that arbitration awards must adhere strictly to contract terms regarding payment and interest, rejecting arbitrary reductions of entitlement.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
