JUDGMENT :

1. National Highway Authority of India (hereafter ‘NHAI’) has filed the present petition impugning the arbitral award dated 27.11.2019 (hereafter ‘the impugned award’) rendered by the Arbitral Tribunal comprising of three members. The impugned award was rendered in respect of disputes that had arisen between NHAI and M/s BSCPL Godhra Tollways Limited (hereafter ‘the Concessionaire’) in respect of the Concession Agreement dated 25.02.2010 (hereafter ‘the Concession Agreement’).

2. M/s BSCPL Infrastructure Ltd., a company incorporated under the Companies Act, 1956 submitted a Request For Proposal (RFP) in respect of “Contract for Four Laning of Godhra to Gujarat/ Madhya Pradesh Border Section of NH-59 from Km 129.300 to Km. 215.900 in the State of Gujarat on Design, Build, Finance, Operate and Transfer (DBFOT) basis under NHDP – III”(hereafter ‘the Project’). By a letter of intent dated 01.01.2010 (LOA), NHAI accepted the proposal, quoting a premium of Rs.7.83 crores, submitted by BSCPL Infrastructure Ltd. It was further agreed that the concession period would be for twe