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DELHI HIGH COURT
VIBHU BAKHRU
Punjab National Bank – Appellant
Versus
National Highways Authority of India – Respondent
| Table of Content |
|---|
| 1. pnb seeks performance and payments from nhai. (Para 1 , 2) |
| 2. description of the project and agreements involved. (Para 3 , 4 , 5 , 6 , 9) |
| 3. disputes and defaults in the agreements. (Para 10 , 11 , 12 , 13) |
| 4. parties' arguments regarding default and entitlement. (Para 19 , 20 , 21 , 22) |
| 5. court emphasizes obligations regarding termination payments. (Para 28 , 54 , 68 , 77) |
| 6. the petition is dismissed with no expression of finality. (Para 78) |
JUDGMENT
Vibhu Bakhru, J.
Introduction:
1. The petitioner Punjab National Bank (hereafter the `PNB') has filed the present petition under Section 9 of the Arbitration & Conciliation Act, 1996 (hereafter the `A&C Act') inter alia praying that the respondent no.1, National Highways Authority of India (hereafter the `NHAI'), be directed to perform its obligations under Clause 5.1 of the Substitution Agreement and terminate the Concession Agreement entered into between NHAI and respondent no. 2, West Haryana Highways Projects Pvt. Ltd. (hereafter the `Concessionaire'). PNB further prays that NHAI be directed to deposit the Termination Payment in an Escrow Account [Escrow Account bearing No. 2164002100009137 maintained with PNB] i
The court determined that the petition for termination of the Concession Agreement by a non-party under Section 9 of the Arbitration Act was beyond its scope, as it sought final relief rather than in....
If the Concessionaire is able to recover any amount from NHAI, PNB would be well within its right to seek attachment of the said proceeds or take such steps for recovery of the amount from the Conces....
NHAI is contractually obliged to pay 90% of the Debt Due to lenders irrespective of defaults by the concessionaire, with no deductions permitted.
The court found that the contract in question is in the nature of a commercial contract and cannot be enforced specifically under the Specific Relief Act. The Tribunal held that NHAI's exercise of po....
The court established that termination rights under a Concession Agreement are active concurrently with suspension rights, allowing for termination upon failure to cure defaults without requiring a w....
Damages under the Concession Agreement can be recovered from the Escrow Account based on certification, irrespective of ongoing disputes, ensuring compliance with contractual obligations.
A concession period extension under a contract requires compliance with specific procedural conditions, and is not automatic despite recommendations from an independent engineer.
The main legal point established in the judgment is the limited scope of interference in an appeal under Section 37 of the Act, 1996 and the importance of interpreting and applying the provisions of ....
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