NATIONAL RESEARCH DEVELOPMENT CORPORATION & ANR. vs MAK CONTROLS AND SYSTEMS PRIVATE LIMITED

IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 11.02.2026 + O.M.P. (COMM) 488/2023 NATIONAL RESEARCH DEVELOPMENT CORPORATION & ANR. .....Petitioners Through: Mr. Joydeep Sarma, Mr. Kaushal Kapoor, Mr. Lalit Verma & Mr. A P Singh, Advs. versus MAK CONTROLS AND SYSTEMS PRIVATE LIMITED .....Respondent Through: Mr. Satyam Thareja, Mr. Rakesh Karela & Mr. Shaurya Katoch, Advs. CORAM: HON'BLE MR. JUSTICE AVNEESH JHINGAN AVNEESH JHINGAN, J. (ORAL) 1. This petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 (in short „the Act‟) against the Award dated 07.08.2023. 2. The facts shorn of unnecessary details are that the petitioners/claimants on 06.03.2002 entered into a „Programme Aimed at Technological Self Reliance‟ agreement (for short „the agreement‟) with the respondent. The respondent was given financial assistance to develop a product „Mak World Traker‟. The agreement was for a period of twelve years. A royalty agreement of even date was also executed between the parties. The respondent at end of each financial year, for five years from start of commercial sale of product had to pay royalty of Rs.24 Lakhs per annum. The respondent completed the 3