Judgment

S.B. Sinha, J.—Questions of some importance arise for consideration in this application filed by the respondent-herein under Sections 30 and 33 of the Arbitration Act, 1940 questioning an award dated 29.4.2002 passed by three learned arbitrators appointed by this Court.

Background Facts :

2. Army Welfare Housing Organization (for short ‘AWHO’) and Sumangal Services Pvt. Ltd. (for short ‘Sumangal’) entered into an agreement for development of land and construction of a composite housing project on a turn-key basis on approximately 17.9 acres of land situate on the VIP Road, in the town of Kolkata. For the said purpose a draft agreement initially drawn up was given finality by Articles of Agreement dated 28.8.1993. Certain terms and conditions, however, had been altered therein with mutual consent.

3. The project was envisaged to be completed in three phases. Considerable progress was made in the matter of construction of work in Phase I. The plots where the said work was being carried out fell under the local administration of Gopalpur Arjunpur Gram Panchayat. The building plan for Phase I was sanctioned by the said Gram Panchayat in September, 1991 in terms whereof 11 blocks o