Background

1. The present appeal has been filed under Section 37(2)(b) of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”) against the interim order dated 03rd January, 2026 (“impugned order”), passed in the on-going arbitration proceedings, titled as “N.K. Toll Road Limited Versus National Highway Authority of India”. The Arbitral Tribunal, vide the impugned order, disposed of the application of the appellant/claimant/concessionaire, i.e., N.K. Toll Road Limited, filed under Section 17 of the Arbitration Act, seeking stay on the operation and effect of the Cure Period Notice dated 07th October, 2025, issued by the respondent, namely, National Highway Authority of India (“NHAI”) under Articles 32.1.1 and 32.1.3 of the Concession Agreement dated 30th January, 2006 (“Concession Agreement”), executed between the parties.

2. More particularly, the Arbitral Tribunal restrained the respondent from taking any action with respect to the breaches/defaults alleged by it in Para 9(a)(i) to (iii) of the Cure Period Notice, since the said allegations were subject matter of adjudication by the Arbitral Tribunal in the on-going arbitration proceedings. However, the Arbitral Tribunal