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G. S. SANDHAWALIA, LAPITA BANERJI
Anshul Siroya – Appellant
Versus
Phillips India Ltd. – Respondent
JUDGMENT
G.S. Sandhawalia, J.
Challenge in the present appeal by one of the partners of M/s A.A. Associates-respondent No.2 herein is to the order dated 13.10.2023 passed by the Commercial Court, Gurugram wherein the award passed on 27.04.2017 (Annexure A-1) in favour of respondent No.1-claimant has been upheld while dismissing the petition filed under Section 34 of the Arbitration & Conciliation Act, 1996 (for short, the 'Act').
2. The Arbitrator had awarded a sum of Rs. 1,95,25,885/- against the initial claim of Rs. 4,91,61,916.03. The contractual rate of interest was 16.5% per annum from 01.03.2015 was also allowed. The claimant was also held entitled to encash and appropriate the fixed deposit of the amount of Rs. 2,75,00,000/- which was received pursuant to the sale of the equipment along with interest which had accrued thereon apart from the amount of Rs. 5,55,000/- towards cost of arbitration which were never paid by the appellant or the partnership concern. Additional cost of Rs. 30,000/- was also imposed upon the appellant during the proceedings which were also granted in favour of respondent No.1 while pronouncing the award. The reasoning given by the Commercial Court to u
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