In Brief
NTPC awarded two construction contracts to Deconar Services, with a 16% price rebate conditional on simultaneous execution. Site handover delays led to disputes. The Arbitrator held the rebate was conditional (not refundable) and awarded partial escalation charges for post-contract period work. NTPC challenged the awards. The Supreme Court dismissed the appeals, holding that arbitrators have exclusive authority over contract interpretation. Where an arbitrator's view is reasoned and based on evidence, courts cannot interfere merely because another interpretation is possible. The arbitrator's award was not assailable under Arbitration Act, 1940 grounds.
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