JUDGMENT

Syed Shah Mohammed Quadri, J.-This appeal by the West Bengal Slate Electricity Board is from the common judgment of a Division Bench of the High Court at Calcutta in M.A.T. No. 398 of 2000, C.A.N. No. 1089 of 2000 and M.A.T. No. 523 of 2000 with cross objections (C.O.T. No. 522 of 2000) dated April 4, 2000 dismissing the appeals and cross objections and confirming the order of the learned Single Judge in W.P. No. 22458(W) of 1999 dated February 3, 2000.

2. To appreciate the controversy in this case narration of the following relevant facts will be necessary.

As a pragmatic solution to meet the peak demand of the energy/power by the West Bengal and also to cater to the requirements of the entire Eastern Region, the West Bengal State Electricity Board (for short, the appellant ) formulated "Purulia Pumped Storage Project" (for short, the Project ), at an estimated cost of about Rs. 3,188.9 crores with an installed capacity of 900 M.W. For funding that project the Central Government entered into a loan agreement with the Overseas Economic Cooperative Fund now Japan Bank of International Cooperation (for short, the J.B.I.C. ). The Project is proposed to be completed in six Lo