the Arbitral Tribunal.
3. By the impugned judgement and order, learned Single Judge
has partly set aside and modified the arbitral award dated March
20, 2023. Learned Single Judge has set aside the claim from
Commitment Charges of the claimant being claim No. A3 and
modified the rate of interest on repayment of mobilisation
advance from 9% to 14.5%.
4. Learned senior advocate appearing for the claimant has
submitted that, the parties entered into a contract dated January
27, 2016. He has contended that, the objective of the contract
was setting up of a captive manufacturing unit for cement end
products with such manufacturing units being set up solely at
the instance and for the captive consumption of the respondent.
He has pointed out that the total project investment was of Rs.
65.74 crores, out of which, respondent paid Rs. 31.98 crores as
mobilization advance being 50% of the total project investment
cost which was repayable by the claimant in 96 equated monthly
installments at the rate of 14.5% interest on reducing balance
principals. He has pointed out that, the lock in period was for 10
years and extendable by 6 years. The respondent was liable to
utilise 100% of the capacity of the plant.