GAUTAM CONSTRN. & FISHERIES LTD vs NATIONAL BANK OF AGR. & RURAL DEV.&ANR

The Supreme Court addressed the dispute between M/s Gautam Construction & Fisheries Ltd. and the National Bank for Agriculture and Rural Development regarding the payment for a basement car parking area under the Arbitration and Conciliation Act, 1996. The Court upheld the Arbitrator's award allowing payment at Rs.400 per sq. ft. for the basement area, affirming the principle that the agreed terms of the contract must be honored. The Court confirmed the High Court's decision to sustain the appellant's claim while partially allowing the counterclaims of the respondent.