Digitally signed by SANJAY KUMAR Date: 2024.11.07 17:08:41 IST Reason:

Signature Not Verified J.B. PARDIWALA, J. :- For convenience of exposition, this judgment is divided into the following parts: -

INDEX A. FACTUAL MATRIX ................................................................................ 3 B. SUBMISSIONS ON BEHALF OF THE APPELLANTS ...................... 42 i. Issue No.1: Adjustment of PBG of Rs. 150 Crore towards the first tranche payment ........................................................................................................ 44 ii. Issue No. 2: Non-payment of Airport dues ............................................... 53 iii. Issue No. 3: Non- payment of Workmen and Employees’ dues ............... 56 iv. Issue No. 4: Achievement of Effective Date .............................................. 57 v. Issue No. 5: Non-fulfilment of Conditions Precedent ............................... 59 C. SUBMISSIONS ON BEHALF OF THE RESPONDENTS ................... 63 D. ISSUES FOR DETERMINATION ......................................................... 76 E. ANALYSIS .............................................................................................