JUDGMENT

Vibhu Bakhru, J. The petitioner (hereinafter `NHAI') has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter the `A&C Act'), inter alia, impugning the Arbitral Award dated 30.08.2012 (hereinafter `the impugned award') passed by the Arbitral Tribunal comprising of Mr. SK Jain (Presiding Arbitrator), Mr. Amar Singh Chauhan and Mr. P Sridharan.

2. The impugned award was rendered in respect of disputes that had arisen between the parties in relation to a contract dated 22.05.2001 (hereinafter `the agreement') entered into between the parties for execution of the project involving "Widening to 4-lanes and Rehabilitation of Existing 2 lane Carriageway of Poonamalle- Kanchipuram Road (NH-4), Package 1, from km 13.80 to km 70.20." (hereinafter `the Project")

3. The respondent (hereinafter `Afcons') submitted its bid on 22.02.2001, which was accepted by NHAI vide Letter of Acceptance dated 09.04.2001 and subsequently, an agreement dated 22.05.2001 was executed between the parties.

4. The parties had entered into the agreement for execution of the Project at a contract price of Rs.164,37,67,899/-. The Project was to be execu