R.D. Dhanuka, J. - (1.) BY this petition filed under section 9 of the Arbitration and Conciliation Act, 1996, the petitioner seeks that the effect, implementation and/or operation of the board resolution dated 29/05/2014 passed by the respondent No. 3 (Mumbai Metro One Pvt. Ltd.) be stayed and injunction restraining the respondents from revising/charging the amount higher than the initial fares agreed by the respondents as per terms of the concession agreement and notified by the Government of Maharashtra vide notification dated 03/09/2013. Some of the relevant facts for the purpose of deciding this petition are as under: -
(2.) THE Government of Maharashtra authorized the Mumbai Metropolitan Region Development Authority (hereinafter referred to as MMRDA) as the project implementation agency for the implementation of a rail based Mass Rapid Transit System (MRTS) along the Versova -Andheri -Ghatkopar corridor through a concession on public private partnership format and approved the said project under the provisions of Indian Tramways Act 1886. On 21st August 2004, MMRDA invited proposals for selection of a bidder for development and operation of the said project on Build, Own, Operate and Transfer (BOOT) basis. The consortium comprising of M/s. Reliance Energy Ltd. and M/s. Veolia Transport S.A., respondent Nos. 1 and 2 respectively submitted their bids. Vide its resolution dated 14/06/2006, the Government of Maharashtra awarded the said tender to the said consortium. On 20/06/2006 the MMRDA issued a letter of intent to the said consortium. The said consortium thereafter incorporated respondent No. 3 i.e. Mumbai Metro One Pvt. Ltd. (hereinafter referred to as the said company) as the 'special purpose vehicle' to implement the said project. The respondent No. 1 and 2 hold 69% and 5% of the equity share capital of the said company respectively and the MMRDA holds 26%. It is case of the MMRDA that the said company has been funded by way of (i) Viability gap funding by the Central Government of approx. Rs. 552.5 crores out of total Rs. 650 crores and (ii) Equity participation of Rs. 133.1 crores invested as an equity shareholder of 26% into of respondent No. 3.
(3.) ON 7th March 2007 MMRDA and the said company entered into the Concession Agreement for implementation of the said project on the terms and conditions recorded therein. Under the said agreement, the concession is granted to the said company for a period of 35 years commencing from the appointed date during which the said company has been authorized to develop, to operate and to maintain the said project in accordance with the provisions of the said agreement. " Fare and Fare schedule" are defined under the said agreement respectively as under: "Fare" means the toll/charge(s) levied on and payable by the commuters of MRTS Project in accordance with the provisions of Indian Tramways Act, 1886 (Bombay Amendment 1948), provisions of the Fare Schedule and provisions of this Agreement. "Fare Schedule" means the Resolution No. MUT -1004/1671/158/2004/LD -10 dated 19th August 2004 issued by GOM in exercise of the powers conferred by the Indian Tramways Act 1886 (Bombay Amendment Act 1948) in respect of the levy and collection of the toll from Commuters and a copy of which is at Schedule -L.;