SANJEEV SACHDEVA, J.

1. OMP (COMM) 307 is a petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the Act) by Delhi Metro Rail Corporation Limited (hereinafter referred to as Delhi Metro for short) inter alia seeking setting aside of the Arbitration Award dated 11.05.2017 (hereinafter referred to as the Arbitral Award) and other consequential reliefs.

2. OMP (COMM) (I) 200/2017 is a petition filed under Section 9 of the Act by Delhi Airport Metro Express Private Limited (hereinafter referred to as the Concessionaire) seeking a direction to the Delhi Metro to deposit with the Court an amount of Rs. 3502.62 Crores being 75% of the amount awarded under the Arbitral Award and a further direction for release of the deposited amount to the Project Lenders and Promoters, who had financed the project.

3. Delhi Metro was entrusted with the work of preparing a Detailed Project Report (DPR) for implementing High Speed Airport Express Line Project (Project, for short) from New Delhi to the newly built airport terminal of Indira Gandhi International Airport (IGI Airport). Delhi Metro prepared the DPR, which received final approval by the Ministry of Urban Development (MoUD), Govt. of India in April, 2007.

4. The Project was to be implemented as a Public Private Partnership (PPP) Model in which the land was to be acquired by Delhi Metro and all basic civil structures like tunnels, viaduct and station buildings, except depot buildings, were to be constructed by the Delhi Metro, while the balance systems i.e. track, signalling, electrification, rolling stock etc. were to be implemented by the chosen bidder, who was to be the private partner with the Delhi Metro.

5. Delhi Metro invited bids for construction, operation and maintenance of Airport Metro Express Line (hereinafter referred to as the Line) on a Built Operate and Transfer basis. Said Line is in the nature of a Public Private Partnership.

6. The Project is a High Speed Metro Rail Line intended to operate between New Delhi to Dwarka Sector 21 via IGI Airport Terminal 3. It runs over a stretch of approximately 23 Kms. between New Delhi and Dwarka, the train is intended to stop at four stations and was originally intended to cover the entire distance at a maximum speed of 120 kmph. The train runs partly through underground tunnels (approximately 16 kms) and partly on overhead viaducts (approximately 7 kms). The issues in the subject Arbitration related to the viaduct portion.

7. In the subject Project, all the civil works as well as appointment of consultants, land acquisition and all other clearances from the Government and other authorities was the responsibility of the Delhi Metro; whereas the design, supply, installation, testing and commissioning of various systems; like rolling stock, power supply, overhead equipment, signalling, track system, platform, screen doors, ventilation, architectural finishing etc. were to be provided by the chosen bidder. Delhi Metro had appointed Airport Line Consultants (ALC) for overseeing the implementation of the said Project.

8. Delhi Metro initiated the process of international competitive bidding. After following the process of bidding and going through various stages thereof, a consortium consisting of Reliance Energy-CAF JV was selected as the preferred bidder. Letter of Intent was issued on 19.12.2007 and Letter of Acceptance was issued on 21.01.2008. On 25.08.2008, the Preferred Bidder and Delhi Metro entered into the Concession Agreement. The JV of Reliance Energy-CAF formed a Special Purpose Vehicle (SPV) namely the Delhi Airport Metro Express Private Limited (the Concessionaire) for the purposes of implementation of the project as per the terms and conditions of the Concession Agreement.

9. Under Article 29 of the Concession Agreement, upon termination, Delhi Metro is liable to dep