1. The challenge in this petition under Section 34 of the Arbitration and Conciliation Act, 1996 (Act, in short) is to the interim award dated September 16, 2014 passed by the Arbitral Tribunal (Tribunal, in short), by majority (Hon’ble Mr. Justice S.P.Bharucha, Presiding Arbitrator and Hon’ble Mr. Justice B.P. Jeevan Reddy) whereby the Tribunal has awarded in favour of the respondent No. 1 an amount of Rs.22,77,67,422/-. By a dissenting order, dated September 18, 2014, Hon’ble Mr. Justice V.N.Khare has held that the application for interim award be taken up for hearing after evidence is led by the parties on a reasoning that the expression used ‘adjustment of liabilities cannot be construed as an admission of claim by the petitioner.’

The facts:

2. On November 11, 2005, the Govt. of India had notified guidelines known as Downlinking Guidelines, which inter alia, provided in para 5.2 thereof, for compulsory sharing of signals of sporting events of national importance by the rights holders with Prasar Bharti. The said guidelines also provided that insofar as cricketing events