JUDGMENT

Sanjeev Narula, J. (Oral)--The present petition under Section 34 of the Arbitration and Conciliation Act, 1996 [hereinafter, "the Act"] impugns the Arbitral Award dated 14th February, 2019 passed by the learned Sole Arbitrator, whereby claims of the Respondent (Claimant in Arbitration) stand allowed and the counter-claims of the Petitioner (Respondent therein) stand rejected.

BRIEF FACTS

2. National Highways Authority of India [hereinafter, "NHAI"], entrusted operations of the Toll Plaza at Vempadu, Visakhapatnam District, Andhra Pradesh [hereinafter, the "Toll Plaza"] to M/s. C.P. Rama Rao vide a Contract Agreement dated 30th July, 2016 [hereinafter, the "Contract Agreement"]. During the term of Contract, from 1st August, 2016 [08:00 hrs] to 01st August, 2017 [07:59 hrs] Respondent had agreed to pay Rs.2,24,40,274/- as weekly remittance from user fee collections at the Toll Plaza.

3. Disputes arose in relation to collection of user fee at the Toll Plaza, consequent to demonetisation policy effectuated by the Union of India, whereby Rs.500/- and Rs.1000/- notes (the extent of which was about 85% of the total currency in circulation) were withdrawn as legal tender w.e.f