Arbitral tribunal of three retired Supreme Court judges awards ₹155 crores in favour of Bengal Unitech

With regard to the question of who was responsible for the delay of the project ultimately leading to its termination, the tribunal found that both parties had delayed in performing their respective obligations. Although, it was observed that while discussions were taking place, no steps were taken by the respondent to execute the lease deed even though the claimant was insisting on the same.

The Responsibility for execution of the lease deed rested on both the parties but it appears that rather than getting down to finalizing the terms and conditions of the lease deed to be executed, only meetings were held to discuss the matter with no result, though fortunately the Development Agreement was finalised, though very late,” the tribunal said

Source: Barandbench

By AlJazeera