Arbitration and Conciliation Act, 1996 – Sections 34 and 37 – This case involves appeals against a Delhi High Court judgment concerning an arbitration award between Puri Construction Private Limited (PCL) and Larsen and Toubro Limited (L&T) regarding a land development agreement.
Background:
PCL possessed land in Gurgaon with licenses to develop residential group housing.
L&T and PCL entered into a Development Agreement in 1998, later modified by a Supplementary Agreement in 1999 and a Tripartite Agreement with Lord Krishna Bank in 2000.
Disputes arose, and PCL terminated the Development Agreement in 2000, leading to arbitration.
Arbitration Award:
The Arbitral Tribunal ruled in favor of PCL, finding L&T in breach of contract and awarding damages, directing L&T to settle a bank loan, return documents, and refrain from interfering with PCL’s development.