Calcutta High Court (Appellate Side), F.M.A. Nos. 939 & 941 of 2012, judgment dated 09.12.2025 (Sabyasachi Bhattacharyya, J.; Supratim Bhattacharya, J. concurring) — Appeals under Section 37, Arbitration and Conciliation Act, 1996 against concurrent Section 34 affirmances by the Additional District Judges at Barasat (Feb. 2012) of two arbitral awards in favour of Jai Balaji Industries Ltd. against The Orissa Minerals Development Co. Ltd. under iron-ore supply agreements dated 13.08.2003 and 11.03.2004. Held: (i) prior demand, 'subject to availability', and tender participation were not mandatory preconditions — Clauses 4 read with the 'shall provide' language of Clause 5(f)/5(g) admit a plausible reading that supply of the agreed quantities was obligatory irrespective of demand or availability, and non-participation in tender was not fatal, the respondent needing only to match the tender price/terms; (ii) the appellant consciously relinquished its known right to 100% advance payment by supplying for nine months (2003 agreement) and three consecutive months (2004 agreement) without insisting on it, the waiver rudiments being present in the pleadings, and tender of undated cheques with a request merely for intimation was sufficient and substantial compliance; (iii) stoppage of supply amounted to breach — no clause authorised stoppage for non-payment, written quality complaints justified deferred payment, and payments were cleared on demand; the Sikkim Subba Associates equity principle is inapplicable to contractual claims; (iv) the excess-procurement-cost award covered only the meticulously calculated price differential, and the loss-of-profits award was grounded in purchase orders, credited mitigation, and confined to the balance quantum, a reasonable 'guesstimate' being permissible; (v) interest (Section 31(7)) and costs were intra vires; (vi) no Section 34(2)(a)(iv) ingredient existed, Section 34(2-A) did not arise as the awards predated the 2015 Amendment, and the conscience-shocking/public-policy tests were unmet, the Section 37 court's authority being coloured by Section 34 parameters. Both appeals dismissed on contest; awards affirmed; no order as to costs.