Tarlok Singh Chauhan, J.

This petition has been filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short the Act) against the award dated 20.05.2016.

2. Brief facts necessary for the adjudication of this petition are that an Implementation Agreement (Annexure C-2) was entered into on 01.10.1992 between the petitioner Company with the government of Himachal Pradesh (Respondent No. 1 herein) for the implementation of 300 MW Baspa Hydro Electric Project, Stage-II (for short ‘Project’), in District Kinnaur Himachal Pradesh.

3. As per this Implementation Agreement (for short the ‘Agreement’), the petitioner being a generating Company was granted right to establish, own, operate and maintain this project subject to the approval of the Central Electricity Authority, including transmission system upto Jhakri Sub Station of Nathpa Jhakri Hydro Electric Project and permission to generate and sell power from the above mentioned project for an initial period of 40 years from the date of commissioning of project extendable for further period of 20 years.

4. As