MANMOHAN SINGH, J.

1. By way of this common order, I propose to decide the cross-objections filed by both the parties under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the “Act”), arising out of the Arbitral Award dated 21st July, 2015 passed by the Arbitral Tribunal. Two out of three Arbitrators have passed the Majority Award and the third Arbitrator has passed the dissenting Minority Award.

2. OMP No.410/2015 has been filed by M/s. Saisudhir Energy Ltd. (hereinafter referred to as “Saisudhir”), challenging the Arbitral Award dated 21st July, 2015 whereby the Arbitral Tribunal by majority held that NTPC Vidyut Vyapar Nigam Ltd. has not suffered any loss and hence is not entitled for any damages, but despite of the said finding, the Arbitral Tribunal granted damages of Rs.1.2 Crores. It is alleged that the Arbitral Tribunal in violation of Fundamental Policy of Indian law had passed the said direction. By the said petition, the minority Award has also been challenged as a whole.

3. NTPC Vidyut Vyapar Nigam Ltd. (hereinafter referred to as “NVVN”) has filed OMP No.446/2015 for setting aside the Majority Award in its entirety and the Minority Award to the extent of the direction therein to NVVN to refund a sum of Rs.4 crores to Saisudhir.

4. NVVN is claiming for damages of Rs.54,12,32,000/- by alleging that that as per the Liquidated Damages (LD) clause in the contract, it is entitled for the said amount.

5. Brief facts of the case as per the pleadings are that:-

(i) NVVN is a Government concern which has been identified by the Government of India as Nodal Agency for facilitating purchase and sale of solar PV power under the Jawaharlal Nehru National Solar Mission (JNNSM) of the Government of India.

Saisudhir is a Company incorporated under the Companies Act, 1956 who is engaged in the business of power generation.

(ii) The target of the Mission is to deploy 20,000 MW of grid-connected solar power by the year 2022. The objective of the Mission is to promote ecologically sustainable growth while addressing India’s energy security challenge. It will also constitute a major contribution by India to the global effort to meet the challenges of climate change, since solar energy is environment-friendly as it has zero emissions while generating electricity or heat. The Mission was launched with a view to achieve the long-term objective of facilitating sustainable power generation through alternative/renewable sources of energy, and reducing dependence on non-renewable sources of energy which are a major cause for environmental degradation and global warming.

(iii) In order to meet the objectives of the Mission, in view of the high cost of purchasing solar power, it was decided to bundle solar power along with cheaper unallocated quota of power generated at NTPC owned coal-based stations, and selling this bundled power to distribution utilities at CERC regulated prices. It was also decided that NVVN would enter into PPAs with Solar Power Developers with a commitment to purchase power at fixed rate for a period of 25 years.

In the guidelines for selection of the Solar Power Projects under the Mission, it has been provided that the objective of the guidelines is to, inter alia, facilitate a quick start up of the Mission and to facilitate speedier implementation of the new projects to be selected to meet the Phase-I target.

(iv) It has also been provided in the guidelines that final selection of the project shall be done on the basis of discount to be offered by the Solar Power Developers on the CERC approved tariff, being Rs.15.39 per unit. Further, the Bid Bond to be submitted by the Solar Power Developer would be proportional to the amount of discount voluntarily offered by the Solar Power Developer. As per Clause 4.6 of the PPA, the amount of liquidated damages for delay in commissioning of the project is directly proportional to the amount of Bid Bond.

(v) The foundation of allowing the Solar Pow