JUDGMENT

Vibhu Bakhru, J. The petitioner (hereafter `FCI') has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter the `A&C Act') impugning an arbitral award dated 02.10.2021 as corrected by orders dated 30.10.2021 and 12.11.2021 (hereafter the `impugned award') passed by an Arbitral Tribunal comprising of three members (hereafter `the Arbitral Tribunal').

2. The impugned award has been rendered in the context of the disputes that have arisen between the parties in connection with two separate Service Agreements dated 28.06.2005. The said agreements are similar in material aspects. Whereas, one Service Agreement relates to facilities in respect of Circuit-1 (Moga, Chennai, Coimbatore and Bangalore); the other Service Agreement relates to Circuit-2 (Kaithal, Navi Mumbai and Hooghly). Since the disputes relate to the Clauses of the said agreements which are similarly worded, for convenience, both the agreements are hereafter referred to as `the Agreements' or singularly as `the Agreement'.

Factual Context

3. In June 2000, the Government of India introduced a national policy (hereafter `the Policy') for handling, storage and transportat