JUDGMENT

Vibhu Bakhru, J. - The National Highways Authority of India (hereinafter 'NHAI') has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter 'the A&C Act') impugning an Arbitral Award dated 05.06.2013 (hereinafter 'the impugned award')passed by the Arbitral Tribunal comprising of three members, Shri P. Sridharan, Sh. Pawan Kumar, and Shri D. Sree Ramamurthy as the Presiding Arbitrator (hereinafter 'the Arbitral Tribunal'). The impugned award was delivered by Shri P. Sridharan and Shri D. Sree Ramamurthy. Sh. Pawan Kumar entered a separate dissenting opinion.

2. The impugned award was rendered in the context of disputes that had arisen between the parties in relation with an agreement dated 26.02.2005 (hereinafter 'the Agreement'). By the impugned award, the Arbitral Tribunal awarded a sum of Rs. 4,69,42,964/- towards the balance outstanding amount for the work of 40 mm thick Bituminous concrete (Dispute no. 4), Rs. 134,75,04,491/- towards the additional costs incurred in the extended period from 15.11.2007 till 23.11.2010 an