VIBHU BAKHRU, J

1. Airport Authority of India (hereafter “AAI”) has filed the present petition impugning an arbitral award dated 29.11.2017 (hereafter “the impugned award”) passed by an Arbitral Tribunal constituted by a sole arbitrator. The impugned award was rendered by the Arbitral Tribunal in the context of the claims preferred by the respondent firm in respect of the agreement dated 29.02.2008 (hereafter “the Agreement”) entered into between the parties for “Architectural/Engineering consultancy services for the proposed new Integrated Terminal Building at Birsa Munda Airport, Ranchi”

2. AAI is a body constituted under the Airports Authority of India Act, 1994 and is, inter alia, engaged in managing various airports in the country. The respondent is a firm of Architects. AAI was desirous of availing architectural/engineering consultancy services in respect of construction of new Integrated Terminal Building at B.M. Airport, Ranchi. The respondent had approached AAI in this regard and after discussions had offered to provide the said services at a fee of “5% of the estimated or awarded or completed cost of work whichever is lower”.

3. After initial discussions, AAI issued a