ARIJIT PASAYAT, J.

( 1 ) LEAVE granted.

( 2 ) CHALLENGE in this appeal is to the judgment rendered by a division Bench of the Bombay High Court dealing with an appeal questioning the correctness of the order passed by a learned Single Judge who dismissed the appellant's appeal under Section 34 of the Arbitration and Conciliation Act, 1996 (in short the 'act') questioning the Arbitrator's award.

( 3 ) THE controversy lies within a very narrow compass.

( 4 ) THE factual background is almost undisputed and is essentially as follows: the appellant required off shore vessels (in short 'osvs')inter-alia, for supplying material from its onshore bases to its offshore installations. After initially meeting its requirements by chartering foreign OSVs, the appellant decided to develop a fleet of Indian Flag vessels. Various Indian companies including the respondent and the Shipping Corporation of india (in short 'sci') acquired OSVs, with a view to chartering them to the appellant. The respondent acquired five vessels- (named Garware I to Garware V) which were handed over to the appellant in the months of November and December, 1983 and January and March, 1984. The dispute pertains to the