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2019 (5) TMI 1915 - HC - Insolvency and BankruptcyValidity of award - execution of works contract - failure of HCC to furnish hinderance free site - resistance of extension of the validity period of the PBG - Section 34 of the Arbitration and Conciliation Act, 1996 - HELD THAT:- The learned arbitrator has scrupulously gone through each and every claim and only after giving due consideration to the material on record, he has reached his conclusion vis-à-vis the claims lodged by Ipex. It is this wholesome approach of the learned arbitrator that despite the absence of HCC’s written submissions, the claim lodged by Ipex for loss of profit was declined and some of the claims were scaled down. Therefore, the submission made on this score on behalf of HCC by Mr. Dayan Krishnan cannot be accepted. It must be indicated that apart from anything else, the learned arbitrator was to a very large extent persuaded to hold in favour of Ipex as the evidence on record demonstrated that the obligations undertaken by HCC at the meeting held 16.03.2016 were not discharged. The evidence on record also shows that bills had remained unpaid, monies had been retained from the running bills by HCC and that huge amounts had been incurred by Ipex by way of idling cost due to a misrepresentation made by HCC with regard to the availability of hindrance free site. The fact that HCC coerced Ipex to extend the PBG from time to time is an aspect which also emerges from the record. Petition dismissed.
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