Jayant Nath, J.

1. This petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as “the Arbitration Act”) seeking to impugn the Award dated 03.05.2015.

2. The brief facts of the case are that the petitioner is a statutory body constituted under Section 3 of the National Highway Authority of India Act, 1988. On 18.10.2012, the petitioner invited bids for the work of collection of user fee at Chamari Toll Plaza at KM 229.913 for the Section from KM 220.000 to KM 260.713 on NH-25 and KM 421.200 – KM 449.000 on NH-2 (Bara to Orai) in the State of U.P. on Annuity basis for a period of two years. The notice inviting tender had mentioned Annual Potential Collection (APC) for the Toll Plaza in question at Rs.47.09 crores per annum. This APC was determined based on the survey and research carried out by the petitioner.

3. In response to the bid, the respondent was one of the bidders and made a bid for Rs. 62.10 crores i.e. about 31.88% above the APC. The second highest bidder had quoted a sum of Rs.50.04 crores which was only 7.03