Arbitration and Conciliation Act, 1996–Sec. 37–Commercial Courts Act, 2015–Secs. 5 & 13–Arbitration award–Confirmed by the Commercial Court–Sustainability–Clause 45 of agreement relating to escalation of price was delated by writing and signing by the parties–Thereafter, the work was started but it was not completed in time–Respondent filed the application for extension of the time period and it was granted–Nothing expressly was shown regarding revival of Clause 45 at this time–It was mentioned in the letter of extension of period that the respondent was partly responsible for the delay in completion of wrok in question and the penalty was imposed accordingly–Clause 12 of agreement was of no significance, particulary for revival of Clause 45–Held, impugned award as well as the order of Commercial Court is liable to be quashed and set aside.
