M/S NTPC VIDYUT VYPAR NIGAM LTD vs M/S PRECISION TECHNIK PVT LTD

Judgment text excerpt

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on: 01.07.2025 Judgment pronounced on: 18.07.2025 + FAO (OS) (COMM) 42/2019 NTPC VIDYUT VYAPAR LIMITED .....Appellant Through: Mr. Puneet Taneja, Sr. Advocate with Mr. Anil Kumar, Mr. Manmohan Singh Narula and Mr. Amit Yadav, Advocates. versus PRECISION TECHNIK PRIVATE LIMITED .....Respondent Through: Mr. Ramesh Singh, Sr. Advocate with Mr. Sidhartha Sharma, Mr. Arjun Asthana, Ms. Shalini Basu, Mr. Nachiket Chawla and Ms. Hage Nanya, Advocates. + FAO (OS) (COMM) 128/2019 PRECISION TECHNIK PRIVATE LIMITED .....Appellant Through: Mr. Ramesh Singh, Sr. Advocate with Mr. Sidhartha Sharma, Mr. Arjun Asthana, Ms. Shalini Basu, Mr. Nachiket Chawla and Ms. Hage Nanya, Advocates. versus NTPC VIDYUT VYAPAR LIMITED ....Respondent Through: Mr. Puneet Taneja, Sr. Advocate with Mr. Anil Kumar, Mr. Manmohan Singh Narula and Mr. Amit Yadav, Advocates. Signature Not Verified Digitally Signed By:HARVINDER KAUR BHATIA FAO (OS) (COMM) 42/2019 and 128/2019 Page 1 of 32 Signing Date:21.07.2025 17:31:55 CORAM: HON'BLE MR. JUSTICE SUBRAMONIUM PRASAD HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR JUDGMENT HARISH VAIDYANATHAN SHANKAR, J. FAO (OS) (COMM) 42/2019 FAO (OS) (COMM) 128/2019 1. The present cross-appeals under Section 37 of the Arbitration and Conciliation Act, 19961, arise from the impugned order dated 18.12.20182 passed by the learned Single Judge in OMP (Comm) No. 481/2016, titled “NTPC Vidyut Vyapar Nigam Ltd. vs. Precision Technik Private Limited”. By the said order, the learned Single Judge partially set aside the Arbitral Award dated 08.05.2015 and permitted NTPC Vidyut Vyapar Nigam Ltd. (hereinafter „NTPC‟) to retain the sum of Rs. 1,82,13,000/-, which it had received upon encashment of the Performance Bank Guara