VIBHU BAKHRU,J. - (1.) The petitioner (hereafter 'NHAI') has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter 'the Act'), inter alia, impugning an arbitral award dated 09.06.2017 (hereafter 'the impugned award') delivered by the Arbitral Tribunal comprising of three members, Sh. O.P. Goel, Shri S.P. Singh and Sh. Dilip Namdeo Potdukhe (hereafter 'the Arbitral Tribunal'). The impugned award was rendered by the majority with Sh. Potdukhe entering a Dissent Note.
(2.) By the impugned award, the respondent's claim for price adjustment under Clause 70.7 of the Conditions of Particular Application (COPA) of Contract in respect of increase in the price of High Speed Diesel (HSD) consequent to the enhancement in the Entry Tax, was accepted by the Arbitral Tribunal.
(3.) Briefly stated, the controversy between the parties arise in the following context:-;