1. This is a petition filed under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an award passed by an Arbitral Tribunal, setting aside a notice of termination of a Concession Agreement and directing the petitioner to refund an amount of Rs.63,86,21,493/- to the first respondent.

2. I have heard Mr. T.R. Rajagopalan, learned Senior Counsel for the petitioner and Mr. Navroz H. Seervai, learned Senior Counsel for the first respondent.

3. The petitioner is a body corporate constituted under the provisions of the Major Port Trusts Act, 1963. It owns and operates the container terminal in Chennai Port.

4. With a view to develop and manage the Chennai container terminal and to make it a hub port, through Private Sector participation, the Ministry of Surface Transport, Government of India, invited on 20.11.1997, International Parties, to submit their proposals for the project. In response, 3 entities submitted their bids. One of them was a company by name P&O Australia Ports Pty. Ltd., which formed a Consortium along with 3 other companies by name Jakari Express Pvt Ltd., Mumbai, Meherji Cassinath Ltd., Mauritius and Chettinad Logistics Pvt Ltd. The bid submitt