Per Gowri Shankar : Gammon India Ltd., Mumbai, the respondent to this appeal, and Atlanta Infrastructure Ltd., Mumbai, entered into a joint venture agreement on 18th September, 2000. The agreement was entered into for the purpose of tendering a bid to the National Highway Authority of India in order to secure the contract for construction of the stretch from 31.40 kilometers on national highway 5. The venture provided for financial responsibilities of each party in the form of guarantees, securities etc., to the extent of 50% of project value, for setting up a management board to manage the venture, composed of a chairman and director to be appointed by Gammon India Ltd. and a joint chairman and another director to be appointed by Atlanta Infrastructure Ltd. It provided that the parties shall be jointly and severally liable to the National Highway Authority of India for execution of contract. It designated Gammon India Ltd. to be the lead partner to the venture.

2. The bid tendered by the joint venture was accepted by the National Highway Authority of India. Gammon India Ltd. subsequently imported a mobile batching plant which, we are told, is an equipment required in road conc