JUDGMENT :

The challenge, and issue in controversy

1. Under challenge at the instance of IRB Ahmedabad Super Expressway, [“IRB” hereinafter], in the present petition preferred under Section 34 of the Arbitration & Conciliation Act, 1996, [“the 1996 Act” hereinafter] is an arbitral award passed by a learned three-member Arbitral Tribunal on 7 April 2024. IRB was the claimant in the arbitral proceedings, and the National Highways Authority of India, [NHAI] was the respondent and counter-claimant.

2. The challenge, in this petition, is restricted to the rejection, by the Arbitral Tribunal, of the claim of IRB for compensation, from NHAI, under Article 35.4 of the Concession Agreement, [“CA” hereinafter], dated 25 July 2011, executed between them.

3. To clear the air and not for anything else, I may note, here, that the CA envisaged payment of premium by IRB to NHAI. The Government had announced a Premium Deferment Scheme, whereunder part of the premium could be paid by Concessionaires (such as IRB) upfront, and the remainder deferred for payment later. NHAI raised a counter-claim, in the arbitral proceedings, against IRB, claiming payment of the deferred premium. The Arbitral Tribunal ha