JUDGMENT

Navin Chawla, J. (Oral)

1. These petitions have been filed challenging the Arbitral Award dated 08.10.2017 passed by the learned Arbitral Tribunal adjudicating the disputes that had arisen between the parties in relation to the Build-Own-Operate-Transfer basis Agreement dated 29.01.2010 (in short `BOOT Agreement') entered into between the parties for the purpose of providing raw water facility at Indian Oil Corporation Ltd. (hereinafter referred to as the `petitioner'). In terms of the BOOT Agreement, IL&FS Paradip Refineries Water Ltd. (hereinafter referred to as the `respondent') was to construct/develop 5 facilities, that is, (a) water intake structure; (b) laying of about 93 KM water pipeline; (c) construction of water reservoir at the refinery; (d) water treatment plant; and, (e) three treated water sumps.

2. The respondent, before the learned Arbitral Tribunal, had raised the following claims:

"Claim 1: Refund of deductions made by Respondent in respect of payment made to OFDC totaling Rs.25,53,22,969/-.

Claim 2: Balance payment for the extra work done in respect of laying of Cuttack City pipe line amounting to Rs.32,62,62,322/-.

Claim 3: Interest Claim for the additional finances arranged for carrying out extra work for laying the Cuttack City pipe line amounting to Rs.12,47,62,438/-.

Claim 4: Claim for interest occasioned due to extended construction period amounting to Rs.143,83,00,000/-

Claim 5: Various claims for variations involving additional costs amounting to Rs.15,75,00,000/-

Claims 6 &7: Interest on the amounts claimed @ 18% from the date the payment became due and future interest @ 18% from the date of Award till the date of payment have been prayed for.

Claim No.8 is for awarding costs of arbitration.

3. I must herein note that Claim no.5 reproduced hereinabove had various sub-heads to the said claim.

4. The petitioner in turn had raised the following counter claims:

"Counter-Claim No.1: For a sum of Rs.3,93,38,124/- towards excess amount paid/being paid by the Respondent-Corporation on account of de-scoping of work;

Counter-claim No.2: And/or in the alternative for refund of excess amount @ Rs.1,31,127/- per month being paid by the Respondent to the Claimant from June 2014 till the date of passing of the Award, with further directions that subsequent thereto, the monthly EMI to be paid by the Respondent to the Claimant shall be reduced by an amount of Rs.1,31,127-08 ps per month.

Counter-claim No.3: Interest @ 18% on the excess amount(s) paid from June 2004 till the passing of Award, to be calculated from the date of payment till date of refund."

5. By the Impugned Award, the learned Arbitral Tribunal rendered the following Award on the above claims and counter-claims.

"14.2 In the light of the foregoing discussion, the findings on Issue Nos.1 & 4 covering Claim Nos.1 to 5 are set out below. As regards interest, which is the subject matter of Claim Nos. 6 and 7, the directions given are set out in the next paragraph.

Issue No.1

Claim No.1: Allowed. The Claimant is entitled to receive from the Respondent a sum of Rs.25.62 Crores with simple interest @ 12% from 01.09.2014 up to the7 date of the Award and till the date of payment subject to the direction given7 in the award as to the rate of interest after the expiry of four (4) months from the date of award.

Claim No.2: Partly allowed. The Claimant is entitled to receive from the Respondent a sum of Rs. 7.93 Crores in respect of the de-scoped work It shall carry simple interest @ 12% from 01.01.2016 onwards till the date of payment subject to the direction given in the award as to the rate of Interest after the expiry of four (4) months from the date of award.

Claim No.3: Partly allowed. The Claimant is entitled to receive from the Respondent a sum of Rs.7.49 Crores with simple Interest of 12% per annum from 01.01.2016 onwards the date of payment subject to the direction given in the award as to the rate of interest after the expiry of four (4months from the da