JUDGMENT :

(Prayer: Petitions filed under section 34 [2] [2-A] of the Arbitration and Conciliation Act,. 1996, O.P.No.123 of 2021 to set aside the impugned arbitral Award dated 30.01.2020 passed by the learned arbitrator and O.P.No.285 of 2021 has been filed to partially set aside the award dated 30.01.2020 passed by the Arbitral Tribunal in respect of the refusal to grant pre-reference and pendente lite interest in terms of the Concession Agreement dated 05.12.2009 and award the same in favour of the petitioner or alternatively remand it back to the arbitration with a direction to grant pre-reference and pendentilite interest at the contractual rate.)

1. As against the award of the three member arbitral tribunal allowing the claim for a sum of Rs.3,40,97,02,245/-, O.P.No.124 of 2021 has been filed challenging the unanimous award.

2. O.P.No.285 of 2021 has been filed by the claimant as against a portion of the award relating to the interest alone.

3. Since both the Original Petitions are arising out of the same award, this Court is inclined to dispose of both the original petitions by way of a common Order.

4. The parties are arrayed as per their own ranking before the arbitral tribunal.

5. The claimant is a successful bidder for the development of Chennai Outer Ring Road to a total length of 29.5 Kms and a Concession Agreement [CA] was entered between the parties on 5.12.2009 for design, Build, Finance, Operate and transfer [DBFOT] basis and the claimant was to be paid annuities half yearly post the construction period. The appointed date for the purpose of commencement of construction work under the Concession Agreement is 03.06.2010. The construction period as per the Concession Agreement is 913 days with the planned completion period as per the Engineering procurement and Construction [EPC] Agreement, the Financing Agreements and the Financial Model fixed at 24 months. The planned project completion date was 02.06.2012 as per the agreement and the concession period is 20 months from the appointed date. The total project cost is INR 116.78,00,000/-. The investment of INR 1166.75 crores during construction [project cost] and about INR 425.89 crores estimated for doing O & M for the project [including taxes] apart from interest costs by the claimant was to be recovered through 35 regular annuity payments of INR 62,12,91.213 each in terms of Article 27 of the Concession Agreement apart from a promise of a Bonus payment equivalent to one annuity period as per Article 28 of the Concession Agreement. The claimant also entered into an EPC Agreement with the EPC Contractor in order to complete the construction within 24 months so that it could earn bonus as per the Concession Agreement. The claimant also mobilized requisite manpower and machinery for completing the project within 24 months. Besides submitted Master Construction schedule on 20.05.2015. Article 6 of the Concession Agreement set out the performance obligations of the claimant and reciprocal obligations by the respondent. However, the respondent has failed to cooperate with the claimant and failed to discharge their obligations. There was delays and breaches attributable to the respondent. Therefore, it has affected completion of the project within 24 months. The claimant has periodically submitted representations to the independent Engineer not only for extension of time but also for compensation. Hence, for various circumstances and delays attributable to the respondents, the claimant has made the following claim: