JUDGMENT

1. The review petitioner is the State of Maharashtra (for short "the State"), who is the original respondent (award debtor) in Commercial Execution Application No.310 of 2019, filed by the respondent-Manaj Tollway Private Limited (for short, "Manaj") (award creditor).

2. The State has prayed for review of the consent order passed by this Court on 12 December 2019, on the commercial execution application, which reads thus:-

" Learned Senior Counsel for the parties have tendered Consent Terms executed between the applicant and respondent-the State of Maharashtra through its Secretary, Public Works Department. The parties have agreed that the award stands satisfied in the manner as agreed in the Consent Terms. The Consent Terms are signed on behalf of the applicant by Mr.Navin Ajvani, Managing Director who has authorized by the Board Resolution dated 2 August 2017 (annexed at page 5 of the Consent Terms) to execute the Consent Terms. On behalf of the respondent/State Government, Consent Terms are signed by Mr.Dhananjay Deshpande, Executive Engineer, PWD (South Division) Pune and also they have been endorsed on behalf of the State Government by Section Officer, PWD, Mantralaya, Mumbai, putting his signature. The signatories to the Consent Terms are present in the Court and are identified by their respective Advocates. There is no dispute on the signatures made on the Consent Terms. The Consent Terms are accordingly taken on record and marked "X" for identification. Execution Application No.310 of 2019 stands disposed of in terms of the Consent Terms.

2. In view of the execution application being disposed of in the above terms, the interim orders passed earlier on the execution application stand vacated.

3. Parties to act on an authenticated copy of this order. As also issuance of certified copy of the order and the consent terms is also expedited.

4. In view of disposal of the commercial execution application, nothing would survive in the interim application. It is accordingly disposed of."

Proceedings Between the Parties

3. The backdrop of the litigation between the parties is required to be noted :

On 6 July 2012 the State through its Public Works Department (PWD) awarded to Manaj a contract for "construction and maintenance" and for "four-laning" on Design Built Finance Operate & Transfer basis (DBFOT), part of the Hadapsar-Saswad-Belsarphata (State Highway No.61) and of the Belha-Pabal-Urlikanchan-Jejuri-Nira (State Highway No.61).

4. Disputes and differences had arisen between the parties under the said contract. Manaj ultimately terminated the contract by its notice dated 27 March 2015 as also invoked arbitration.

5. Mr.Justice J.A. Patil (Retd.) was appointed as a sole arbitrator to arbitrate the disputes and differences between the parties, who entered reference. The parties appeared before the learned sole arbitrator and contested the proceedings. The learned arbitrator published an award on 17 August 2018 whereby the State was interalia directed to pay Manaj, an amount of Rs.332,66,39,870/- inclusive of interest calculated upto 16 August 2018. The State was directed to pay future interest on the principal sum as well as cost of arbitration, till realization at the rate of 15% p.a. from the date of the award. In regard to certain errors the award came to be corrected by an order dated 21 September 2018 passed by the learned arbitrator.

6. On 14 November 2018, the State being aggrieved by the award, filed an application (No.1358 of 2018) under Section 34 of the Arbitration and Conciliation Act, 1996 (for short "the ACA") before the Court of District Judge at Pune, praying for setting