JUDGMENT

VIBHU BAKHRU, J Introduction

1. Haryana State Industrial and Infrastructure Development Corporation Limited (hereafter ‘HSIIDC’) has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter the ‘A&C Act’) impugning an arbitral award dated 24.03.2020 (hereafter the ‘impugned award’) delivered by an Arbitral Tribunal comprising of two former Judges of the Supreme Court of India with a Former Chief Justice of India acting as a Presiding Arbitrator (hereafter the ‘Arbitral Tribunal’).

2. The impugned award was rendered in the context of claims made by respondent no.1 (hereafter ‘IDBI’) on its behalf as well as on behalf of the ‘Senior Lenders’, against HSIIDC. In this order, a reference to IDBI unless the context indicates otherwise, be construed as referring to the ‘Senior Lenders’ or to IDBI acting as the ‘Lender’s Representative’.

3. IDBI claimed that HSIIDC had breached its obligations under the tripartite Substitution Agreement dated 08.01.2007 (hereafter the ‘Substitution Agreement’) as HSIIDC had appointed Concessionaires after terminating the Concession in favour of respondent no.2 (hereafter ‘KMPEL’) to complete the development