Case Law Details
Director General Central Reserve Police Force Vs Fibroplast Marine Pvt. Ltd. (Delhi High Court)
Facts of the Case:
The petitioner, the Director General of the Central Reserve Police Force, issued a tender inviting bids for supply of 288 numbers of Boat Assault Universal Type and 288 numbers of 50 HP Out Board Motor. In response to the same, the respondent Fibroplast Marine Pvt. Ltd., submitted its bid and was declared as the lowest bidder. Following that, the parties entered into an agreement. After a dispute arose between the parties, the respondent invoked the agreement to refer the disagreements to arbitration.
The respondent approached the Hon’ble Delhi High Court for the appointment of an arbitrator under Section 11 of the Arbitration and Conciliation Act. The Court appointed a sole arbitrator to adjudicate the disputes under the auspices of the Delhi International Arbitration Centre (DIAC). The Arbitral Tribunal passed an award of ₹18,32,22,680, in favour of the respondent along with costs quantified at ₹8,00,000. In addition, the Arbitral Tribunal also awarded pre- reference and pendente lite interest at the rate of 18% per annum. Further, the Arbitral Tribunal also awarded future interest on the awarded amount. Aggrieved by the arbitral award the petitioner approached the Delhi High Court under Section 34 of the A&C Act, challenging the arbitral award.
Issue:
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