This batch of two appeals before the Allahabad High Court (Lucknow Bench) arose from a public-private partnership concession agreement between U.P. State Highways Authority (UPSHA) and M/s. Abhijeet Meerut Karnal Toll Road Limited for development of the Meerut-Karnal Road Section (SH-82) on a design, build, finance, operate and transfer basis. The concessionaire terminated the agreement in January 2014, alleging UPSHA failed to fulfil its conditions precedent including providing right of way, while UPSHA encashed the concessionaire's performance bank guarantee of Rs. 29.16 crores alleging breach by the concessionaire. An Arbitral Tribunal constituted through ICADR passed an award dated 06.05.2017, finding inter alia that UPSHA had not fulfilled its conditions precedent, that the encashment of the bank guarantee was unlawful, and that the concessionaire had achieved financial closure; the award was subsequently affirmed by the Commercial Court No. 2, Lucknow vide order dated 31.05.2023 dismissing both parties' Section 34 petitions. Both UPSHA and the concessionaire filed appeals under Section 37 of the Arbitration and Conciliation Act, 1996, challenging different aspects of the award and the Commercial Court's order, and the High Court heard both appeals together and is deciding them by a common judgment.