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3. MORTH had entrusted to the Border Roads Organization (hereinafter, "BRO") the existing road from Km 69 to Km 81.3 on the Srinagar-Gumri road section of National Highway-1 in the State of Jammu and Kashmir and construction of a Z-Morh Tunnel including its approaches (approximately 6.5 km tunnel and 6 km approaches) (hereinafter, "Project"). The BRO was required to augment the said road by two-laning the same.

4. On 16th April, 2012, the BRO, through a Request for Qualification, invited bidders to submit their bids. One M/s Soma Enterprise Private Limited (hereinafter, "M/s Soma") was the successful bidder who was issued a letter of award on 12th March, 2013. The bidder - M/s Soma, promoted a special purpose vehicle company called Srinagar Sonamarg Tunnelway Limited (hereinafter, "SSTL") to undertake the Project.

5. On 30th April, 2013, a Concession Agreement was entered into between BRO and SSTL. This Concession Agreement was subsequently transferred from BRO to the Defendant - National Highways & Infrastructure Development Corporation Limited (hereinafter, "NHIDC"), a fully owned company of MORTH, on 12th November, 2014. The Project was to be executed on a design, build, finance, operate and transfer annuity basis. Despite the transfer, the terms of the Concession Agreement continued to bind the Project. The total term of the agreement was for a period of twenty years, which included the construction period of five years. As per the Concession Agreement, NHIDC was obligated to pay the annuities.