JUDGMENT

“Everything is theoretically impossible, until it is done”, is a remarkable statement by Robert A. Heinlein, an author of American science fiction. It holds some relevance in the present case, as it involves an order of termination of the arbitral proceedings on the ground that the continuation of the proceedings has become „impossible‟.

2. The present petition is filed under Sections 14 and 15 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the „Act‟) assailing the order dated 02.09.2022 passed by the Arbitral Tribunal, whereby, the Tribunal terminated the arbitral proceedings invoking Section 32 (2)(c) of the Act. The impugned order has been challenged on various grounds, inter alia, that the statutory requirements of (2)(c) of the Act are not satisfied.

FACTUAL MATRIX

3. The dispute arises from a series of commercial arrangements between the parties culminating in a Business Transfer Agreement (hereinafter referred to as „BTA‟) executed on 03.05.2019, under which the respondent agreed to acquire the petitioner‟s thermal transfer ribbon business for a total consideration of INR 35 crores. The transaction was preceded by a Secrecy Agreement dated