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The single bench of the High Court of Delhi has allowed Petition under Section 34 of the Arbitration and Conciliation Act, 1996 filed by NTPC Limited (NTPC) against the Arbitration Award won by Jindal ITF Ltd. (JITF), JITF is a subsidiary of Jindal SAW Ltd.
An Arbitral Tribunal comprising three members, out of which two were retired Supreme Court Judges and one was a retired High Court Judge, had passed a unanimous Arbitration Award in favor of JITF.
The High Court of Delhi, however, has protected JITF from any adverse action by NTPC till an appeal is filed by JITF against this order.
JITF, based on expert legal advice, is likely to appeal this order before the Division Bench of the High Court of Delhi.
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