Partial setting aside of award: PRS reduction found unjustified, Rs 8.97 crore released; most arbitral findings left intact

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....The HC partly allowed the petition challenging the arbitral award, setting aside that portion which held the imposition of the price reduction scheme (PRS) unjustified and directing release of retained PRS funds amounting to Rs. 8,97,18,347 to the claimant. The Court declined to reappraise merits, affirming that arbitration findings on factual issues, delay attribution, entitlement to interest and most counterclaims are immune from interference absent patent illegality or breach of natural justice. Limitation objections were held forfeited as not raised before the tribunal and, on merits, the claims were not time-barred. The award of interest and rejection of enhanced mesne profits were sustained for lack of evidentiary basis and failure to mitigate loss.....