Kishor N Shah And 2 Ors vs Urban Infrastructure Trustees Ltd. And ... on 14 December, 2020
28. In August 2008, Urban gave Joyce another Rs 8. crores. The
Shahs say this was not funding under any SSA or SHA; Urban says it
was; and the Shahs have admitted as much even in the Section 34
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14th December 2020
Kishor N Shah & Ors v Urban Infrastructure Trustees Ltd & Ors
1-CARBP-1435-2019-J.docx
petition (apart from never contending before the Arbitral Tribunal
that this was not funding). I did not, at the hearing before me, receive
a clear answer to my question: that if this was not funding, then what
was it? I was only told that this amount, like the previous amounts
under ICDs, were not project funding. They were just loans that had
to be returned. This assertion was never reconciled in the arguments
(or in the brief chronology that contains comments and submissions)
with the provisions of the 2008 documents that define 'investment
amount'.