JUDGMENT

(Video-Conferencing)

1. The National Highways Authority of India (NHAI) seeks, by means of this petition, under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the 1996 Act"), to challenge the Award, dated 24th March, 2020, of the learned Arbitral Tribunal. The extent, to which NHAI is aggrieved by the impugned Award, would become apparent from the recital that follows.

Facts

2. NHAI invited bids, for construction, operation and maintenance of the Jetpur-Somnath section of NH-8D, spanning 127 km, in the state of Gujarat, on Design, Build, Finance, Operate and Transfer (DBFOT) basis. The bid of a consortium, comprising IDFC Projects Ltd and PLUS Expressways Berhad, of which IDFC Projects Ltd was the lead member, was accepted and a letter of award, dated 13th September, 2010, was issued in favour of the said consortium. The consortium, subsequently, incorporated a Special Purpose Vehicle, i.e. Jetpur Somnath Tollways Pvt. Ltd. (Respondent No 2 herein and referred to, hereinafter, as "JST"), for executing the contract.

3. A Concession Agreement, dated 7th February, 2011, followed, between JST and NHAI. Article 3.1 of the Concession