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| Distt Judge Kishtwar stays award of Rs 290 cr passed by Arbitral Tribunal against government | | | Early Times Report
JAMMU, Dec 26: Principal District Judge stayed the award of Rs 290 crores passed by Arbitral Tribunal against Govt.
According to the case that on 18.06.2008 Jammu and Kashmir State Power Development Corporation (JKSPDCL) and the Government of Jammu & Kashmir invited a global tender for developing 690 MW (later 850 MW) Ratle Hydro Electric project on the Chenab River near Drabshala Village, Kishtwar District of Jammu and Kashmir on a Build, Operate, Own and Transfer (BOOT) basis. The GVK was declared as successful bidder and was awarded 690 MW Ratle Hydroelectric project on tariff based competitive bidding by JKSPDCL. During the course of execution of the project, certain disputes arose between both the parties. As per the agreement entered into by both the parties, the parties decided to resolve the same through Arbitration. The Arbitral Tribunal after looking into the matter passed an award against the JKSPDCL to the tune of 290 crores along with interest. Being aggrieved of the same, JKSPDCL filed an application under Section 34 of Arbitration and Conciliation Act 1997 before the Court of Learned District Judge Kishtwar and contended before the District Judge that the finding is perverse and contrary to the facts and Law. Learned Additional Advocate General Amit Gupta appeared on behalf of JKSPDCL and after hearing the learned AAG at length, the Learned District Judge Kishtwar stayed the award passed by the Arbitral Tribunal. This is a huge success for Government of J&K wherein an award passed against JKSPDCL to the tune of Rs 290 crores along with interest has been stayed by the Learned District Judge Kishtwar.
—JNF |
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