ORDER :

1. The present appeal is filed by the appellant challenging the judgment and order dated 16.12.2005 passed by the Division Bench of the High Court of Judicature for Andhra Pradesh at Hyderabad, whereby the order dated 6.7.2004, passed by the learned District Judge, Vishakhapatnam, was set aside and the arbitration award was confirmed.

2. The appellant -Rashtriya Ispat Nigam Ltd., which is popularly known as Visakhapatnam Steel Plant, is a Government of India Undertaking, inter alia, engaged in manufacture and sale of steel products and pig iron in the domestic and export markets. Respondent No.1 is a transporter, stevedoring, clearing & forwarding agent at Visakhapatnam. The appellant floated a tender vide Notification dated 31.03.1992 for transportation of pig iron etc. from its Visakhapatnam Steel Plant to the Visakhapatnam Port area. Respondent No.1 being the successful bidder, was awarded the work order on 28.07.1992. An Agreement was entered into between the appellant and respondent No.1 on 24.02.1993 which was to expire on 31.03.1993. But owing to circumstances, the work was extended several times and the contract was finally completed on 23.10.1997. Issues arose as to