In Brief
Atlanta Infrastructure sued Greater Mumbai Corporation in arbitration over five contractual claims following completion of awarded work. The Arbitrator awarded Rs. 66.56 lakhs with 18% pendente lite and 12% future interest. The High Court Division Bench reduced several claims and interest rates. The Supreme Court held the Arbitrator's well-reasoned award should not be substituted without grounds specified in the Arbitration Act. Claim No. 2 (wrongful omission compensation) and Claim No. 3 (overheads and profit) were separately justified. Claim No. 4 (price escalation) was distinct, not duplicative. However, interest rates were adjusted to a median 12% to reflect dropping rates.
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