JUDGMENT

Vibhu Bakhru, J. - The parties have filed these petitions under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter the 'A&C Act') impugning an arbitral award dated 26.10.2019 (hereafter 'the impugned award') delivered by the Arbitral Tribunal constituted of three members, Mr. R.K. Gupta, Mr. R.K. Aggarwal and Mr. Rakesh Mishra as the Presiding Arbitrator (hereafter 'the Arbitral Tribunal').

2. The impugned award was rendered in the context of disputes that have arisen between the parties in connection with a contract dated 28.09.2012 (hereafter 'the Contract').

Factual Matrix

3. The controversy in the present case arises in the following context:

3.1 Tenders were invited by Delhi Metro Rail Corporation Ltd (hereafter 'DMRC') for the contract for the 'design and construction of Tunnel by Shield TBM, Tunnels, Stations and Ramps by cut and cover method between Lajpat Nagar and Hazrat Nizamuddin Stations(both including) for underground works on Mukundpur- Yamuna Vihar Corridor of Delhi MRTS Project of Phase III' (hereafter 'the Project'). The Project comprised