As per case facts, the Petitioner and Respondent had an agreement for a foot over bridge project. Despite extensions, the work was not completed, leading to a termination notice issued ... after the contract's extended period had expired. The Respondent forfeited security deposits. The Arbitral Tribunal largely upheld the termination, awarded some claims, and rejected others, including the challenge to termination and refund of forfeited amounts. This led the Petitioner to appeal to the High Court under Section 34 of the Act. The question arose whether a contract can be terminated after its expiry and if the forfeiture of deposits was justified. Finally, the High Court found the termination order and forfeiture to be perverse and illegal, ruling that a non-subsisting contract cannot be terminated. It awarded the refund of all forfeited deposits with interest and payment for materials at site. However, the claim for loss of profit was not granted due to arbitrary calculation. The counter claims for forfeiture were set aside.