JUDGMENT

INDU MALHOTRA, J.

Leave granted.

1. The present Civil Appeal has been filed by the Appellant – State of Haryana to challenge the Order dated 01.03.2018 passed by the High Court of Punjab and Haryana at Chandigarh in C.R. No. 3279/2017.

2. The factual matrix leading to the filing of the present Appeal, briefly stated is, as under:

2.1. On 12.12.2008 the Appellant – State issued a Letter of Acceptance to Respondent No. 1 - M/s. G. F. Toll Road Pvt. Ltd. for execution of a works contract for construction, operation and maintenance of Gurgaon-Faridabad Road and Ballabhgarh-Sohna Road on BOT (Build, Operate and Transfer) basis.

2.2. A Concession Agreement was entered into between the parties on 31.01.2009. The period of construction was 24 months from 31.05.2009. The said agreement contained a dispute resolution clause which is set out hereinbelow:

“39.2 Arbitration

39.2.1. Any dispute, which is not resolved amicably as provided in Clause 39.1 shall be finally decided by reference to arbitration by a Board of Arbitrators, appointed pursuant to Clause 39.2.2. sub-clause (b) below. Such arbitration shall be held in accordance with the Rules of Arbitration of the Indian Council of