- (1.) Court:-This arbitration petition is for setting aside award. Mr.Kar, learned senior advocate appears on behalf of petitioner and opens his argument.
(2.) He demonstrates from the award, claim of his client on account of loss of profit was totally rejected. This was done since the Tribunal found frustration of contract, to award only loss sustained. Section 56 in Contract Act, 1872 was applied. His submission is, this part of the award does not have proper application of relevant law. There was a breach, which entitled his client to damages on loss of profit suffered.
(3.) He refers to the invitation to tender, in which, regarding ownership following was said:- "Ownership The property, belonging to the Department of Tourism, Government of West Bengal, has been handed over to the West Bengal Tourism Development Corporation Limited for constructing and managing a Tourist Lodge. The selected party will have to execute an agreement with the West Bengal Tourism Development Corporation Limited regarding the terms and conditions of take over and operation against payment of a guaranteed return.";