termination payment.
19. NHAI opposed the application under Section 9 , contending (i) that the
relief sought of directing NHAI to make termination payment, cannot ... interest of NHAI could be protected by directing payment by NHAI of
FAO(OS) (COMM) 66/2020 Page 30 of 59
termination payment
cover.
26. It is contended that on termination, the minimum termination
payment to be made by NHAI is 90% of the Debt Due (if termination ... permitted to be deducted
by NHAI at this stage and NHAI, without any demur, has to make the
termination payment.
OMP 221/2017
termination payments both where termination is on account of NHAI default
or the Corporate Debtor's default. The object behind providing for Termination
Payments ... lenders' interest
secured by way of Termination Payments, in the event of termination due to
NHAI default (which was the Corporate Debtor
claim that
the termination of the Concession Agreement as demanded by PNB be
considered as termination on account of NHAI's default, are
contentious ... default or NHAI's default. The Court had noted
notwithstanding the aforesaid dispute, NHAI had an obligation to
deposit the Termination Payment
Agreement between JSTL and NHAI and in the Escrow
Agreement amongst JSTL, NHAI and PNB.
11. Dispute arose between the NHAI and JSTL regarding execution ... JSTL issued a cure period notice to NHAI. NHAI
in turn issued notice of termination on 10th August, 2016. On 5th September,
2016, a joint
given rise to the
present appeal, was filed when the NHAI issued a Termination Notice
dated 5th March, 2021, seeking its stay.
RIVAL CONTENTIONS ... previous proceedings approved of such exercise of power of termination
by the NHAI. Rather, if such termination was allowed, it would render
the challenge
said Termination Notice.
12. Consequent to termination of the Concession Agreement, by it,
allegedly for default of JST, NHAI claims that it had already
deposited ... attributable to NHAI or to JST, Clause 37.3.1 of the Concession
Agreement cast on NHAI the liability, consequent on termination of
the Concession Agreement
aside.
3.6. Termination Payment.
3.6.1. If the termination is not stayed, it shall be treated that the termination
has taken effect and is sustaining. Then ... termination without there being a deposit for termination
payment.
3.6.2. This Court, in the case of Jetpur Somnath Tollways Ltd v. NHAI,11
has directed
NHAI countered as follows:
"19. NHAI opposed the application under Section 9 ,
contending (i) that the relief sought of directing NHAI to
make termination ... NHAI having admitted the
said claim or the defence of NHAI thereto not raising
any triable issue, the relief of recovery of termination
payment
been waived
by NHAI. As such, the contention of NHAI was that the Appointed
date had not reached till the termination ... Termination of the CA
43. The learned Arbitral Tribunal next addressed the issue of
termination of the CA by NHAI.
44. Before the learned Arbitral
