JUDGMENT :

Vibhu Bakhru, J.

Introduction:

1. The petitioner Punjab National Bank (hereafter the ‘PNB’) has filed the present petition under Section 9 of the Arbitration & Conciliation Act, 1996 (hereafter the ‘A&C Act’) inter alia praying that the respondent no.1, National Highways Authority of India (hereafter the ‘NHAI’), be directed to perform its obligations under Clause 5.1 of the Substitution Agreement and terminate the Concession Agreement entered into between NHAI and respondent no. 2, West Haryana Highways Projects Pvt. Ltd. (hereafter the ‘Concessionaire’). PNB further prays that NHAI be directed to deposit the Termination Payment in an Escrow Account [Escrow Account bearing No. 2164002100009137 maintained with PNB] in accordance with the Concession Agreement amounting to Rs.617,23,00,000/-(Rupees Six Hundred Seventeen Crores Twenty-Three Lakhs Only) as on 22.11.2019, along with interest at the bank rate plus 3% for the first ninety days and thereafter, at the bank rate plus 5% till the date of payment. PNB further prays that the payments be released to it without prejudice to the rights and contentions of the Concessionaire to recover higher Termination Payment in the arbit