Excelsior Correspondent
JAMMU, Dec 26: Principal District Judge Kishtwar has stayed award of Rs 290 crore passed by Arbitral Tribunal against the Government.
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 of Kishtwar on Build, Operate, Own and Transfer (BOOT) basis.
The GVK was declared as successful bidder and was awarded the 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, 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 Rs 290 crore 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 District Judge Kishtwar and contended that the finding is perverse and contrary to the facts and Law.
Additional Advocate General Amit Gupta appeared on behalf of JKSPDCL and after hearing the him at length, the District Judge Kishtwar stayed the award passed by the Arbitral Tribunal.27
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