Arbitral Tribunal also reasoned that bonus/reduction
in Annuity was an integral part of Annuity and NHAI was not
absolved of its obligation ... dispute that the Bonus Annuity
is a part of the Annuity payable by NHAI. It is obvious that the said
payment is to provide
this Agreement, NHAI shall make
payment of Annuity to the concessionaire on each Annuity
Payment Date.
(b) NHAI shall as security for payment of Annuity ... dispute that the Bonus Annuity is a part of
the Annuity payable by NHAI. It is obvious that the said
payment is to provide
necessary
steps and ensure payment of Annuity on the relevant
Annuity Payment Date. The mode of payment of
Annuity shall be as provided in Article ... amount of invoice/Annuity certified and
recommended for payment by the Independent
Consultant; the Annuity payable on the relevant
Annuity Payment Date shall be that
Sabarkantha Annuity Pvt. Ltd. vs Nhai & Ors. on 15 November, 2017
Equivalent citations: AIRONLINE 2017 DEL 11
Author: Yogesh Khanna
Bench: Yogesh Khanna ... SABARKANTHA ANNUITY PVT. LTD. ..... Petitioner
Through : Mr.Dayan Krishnan, Sr. Adv. with
Mr.Chirag M.Shroff and Ms.Neha
Sangwan, Advs.
versus
NHAI
submitted, in the
audited financial statements, the assessee has credited annuity income
received from NHAI and debited various expenses incurred by it with
respect ... carried
out by GIL. The assessee merely received the annuity income from
NHAI on the basis of the concession agreement. Therefore, he
submitted, the assessee
India
(NHAI) vide Notification No. S.O. 456(E) dated 26.04.2002. After
that, the NHAI under Section 16 of the NHAI Act, 1988 took ... users and the consideration for the contract is payable by the NHAI
in annuity of a fixed sum in instalments towards operation and
maintenance
petitioner had agreed to pay
annuity which would include bonus annuity if it was otherwise annuity
payable.
"...NHAI will not exercise Negative Change ... payment of first annuity.
The dates of payment of annuity are provided in Schedule G.
Admittedly, the first date on which annuity was payable under
Annuity Payment
Date the sum of Rs.399.98 million as the Annuity in respect of each period
of six months for the Annuity Payment ... There is no clause in the CA for
any appropriation by NHAI from Annuity Payments'. Nor is there any term
for any reduction from
this Agreement, NHAI
shall make Payment of Annuity to the Concessionaire
or each Annuity Payment Date.
(b) NHAI shall as security for payment of
Annuity ... NHAI
shall make Payment of Annuity to the Concessionaire
on each Annuity Payment Date.
8.3 Bonus/Reduction in Annuity
(a) The Concessionaire shall either receive
construction phase of the contract
and did not receive any annuity payments from NHAI. The
construction support received by the petitioner during this
phase should ... annuity payments by categorizing the
annuities under SAC 9967. The petitioner had neither
6
made such a submission nor had it classified annuity
payments under
