JUDGMENT :

O.M.P. (COMM) 372/2017

1. By way of this petition under Section 34 of the Arbitration and Conciliation Act, 1996 [“the Act”], the petitioner assails an interim award dated 27.07.2017, by which a three-member Arbitral Tribunal has awarded Rs. 115 crores in favour of the respondent, on an application filed by the respondent under Section 31(6) of the Act. The interim award was passed on the ground that the petitioner had admitted the respondent’s claim to this extent.

A. Factual Background

2. The arbitral proceedings arose from a Letter of Award [“LoA”] dated 11.10.2010, by which the respondent was entrusted with the task of design, engineering, manufacturing, inspection, testing, etc. of a Boiler Turbine Generator [“BTG”] for the petitioner’s 5x270 MW Thermal Power Plant at Amravati, Maharashtra.[It may be noted that, at the time of the contract, the petitioner was known as “Indiabulls Power Ltd.”. In the documents referred to in this judgment, the petitioner has thus been referred to as “Indiabulls” or “IPL”]

3. Pursuant to the LoA, a supply contract and a services contract were signed by the parties on 26.05.2011, which provided for the supply of material and scope of servic