JUDGMENT

Vibhu Bakhru, J.

1. M/s IJM-Gayatri (JV) (hereinafter `IJM') has filed the present appeal under Section 37(1)(c) of the Arbitration and Conciliation Act (hereinafter `the A&C Act') impugning a judgement dated 12.05.2020 (hereinafter `the impugned judgement') passed by the learned Single Judge, whereby National Highway Authority of India's (hereinafter `NHAI') application under Section 34 of the A&C Act, seeking to set aside an arbitral award dated 09.08.2017 (hereinafter `the impugned award'), was partially allowed.

Factual Context

2. NHAI issued a Notice Inviting Tender (NIT) for execution of the work relating to "widening of 4/6 lanes and upgrading of existing 2 lane Road of NH-5 in the State of Andhra Pradesh from Km. 291.000 to Km. 358.000 of Ongole-Chilakaluripet-Contract Package AP-13" (hereinafter `the Project'), on the terms and conditions stipulated thereon. Pursuant to the said NIT, IJM submitted its bid for executing the Project works. IJM's bid was accepted by NHAI and by a Letter of Acceptance dated 20.04.2001 (hereinafter `the LoA'), the contract for implementation of the Project was awarded to IJM for a consideration of Rs.225,39,46,841/-.

3. Subsequently,