furnish
towards working capital for 2018 edition. Thus, a MOU dated 21.10.2017
was entered into wherein it was noted that the petitioner was required ... that Article 7.3 of JVA-I allows either of the
parties to terminate the agreement, if the other party is in breach of any
material
months. The lessee/appellant had
the liberty under the MOU to terminate the agreement prior to the expiry of
the lease period by giving ... have the option of terminating the lease. One of the
important and relevant clauses in the MOU was that the lessor
another Institute. Clause 19
of the MoU permitted either party to terminate the MoU by giving written
notice of disassociation to the other party
placed orders with the
Applicant for finished products.
8. Memorandum of Understanding (MOU) was entered into between the
Applicant and Respondent ... payments and
instead of approaching the Applicant for amicable resolution or terminating
the MOU or even sending any legal notice, Respondent No. 2 resorted
work completed within 24 (Twenty
Four) months from the signing of this MOU. In case of
delay in handover a grace period of 3 (Three ... grace period as stated above), PVR shall be entitled to
either terminate this MOU / Definitive Agreement and
seek refund of the IFRSD paid till such
negotiations, Term Sheet was superseded
by execution of Memorandum of Understanding ('MoU') dated 23.09.2023,
whereby parties agreed on commercial terms of the proposed ... obligation of
the Respondent. Instead of fulfilling its obligations, Respondent unlawfully
terminated the MoU vide notice dated 18.01.2025. Petitioner filed a petition
under Section
member Arbitral Tribunal.
5. Petitioners submit that as per terms of the MOU dated
25.01.2023 and the Development Agreement, Respondent No.1
through its holding ... avail.
Having no option, Petitioners issued a termination notice on
23.08.2023, terminating the MOU, Development Agreement and GPA
w.e.f. 28.08.2023, if the Respondents
envisaged in Clause 13 of MoU, through its Board Agendas
dated 25.01.2011 and 10.02.2011, IOCL resolved to terminate/modify the
existing SBF scheme retrospectively ... India
in derogation of the existing Schemes and/or to prematurely terminate the
SBF Scheme and that too with a retrospective effect. IOCL was certainly
envisaged in Clause 13 of MoU, through its Board Agendas
dated 25.01.2011 and 10.02.2011, IOCL resolved to terminate/modify the
existing SBF scheme retrospectively ... India
in derogation of the existing Schemes and/or to prematurely terminate the
SBF Scheme and that too with a retrospective effect. IOCL was certainly
correspondence
between the parties and found that the MoU was extended by the petitioner
till terminated on 25.09.2009, and referred the parties to arbitration even ... Ahmadi that the arbitration clause came to an end
as the MoU came to an end by efflux of time on 31-12-2007 would
