JUDGMENT

1. This petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the `Act') has been filed by the petitioner challenging the Arbitral Award dated 08.05.2015 passed by the Arbitral Tribunal adjudicating the disputes that have arisen between the parties in relation to the Power Purchase Agreement (PPA) dated 10.01.2011 executed between the parties.

2. The dispute between the parties is on the encashment of the Performance Bank Guarantee by the petitioner, which the petitioner has encashed in part, relying upon Article 4.6.1 of the PPA and seeks the encashment of further amount on the ground of purported delay of the respondent in achieving the commencement of supply of contracted capacity of the power within the Scheduled Commissioning Date, that is, 09.01.2012.

3. The parties, as noted above, had entered into a PPA on 10.01.2011. In terms of Article 3.1 of the PPA, the respondent was to complete the activities mentioned therein within 180 days from the Effective date of the PPA, which in terms of Article 2.1.1 of the PPA was the date of execution of the PPA, that is, 10.01.2011.

4. In terms of Article 4.1 of the PPA, the re