B. Prakash Rao, J.

This appeal is at the instance of the unsuccessful petitioners in the Court below in an application filed under Section 34 of the Arbitration and Conciliation Act, 1996 (in brevity the Act) seeking to set aside the Award dated 23-12-2002 passed by the arbitrators, who are added as the respondents 2 to 4, allowing certain claims made at the instance of the respondent No.1, as per the order dated 30-10-2004 in O.P. No.633 of 2003 on the file of the Chief Judge, City Civil Court, Hyderabad.

2. Heard Sri D. Sudershan Reddy, learned counsel appearing on behalf of the appellants and Sri C. Kodanda Ram, learned counsel appearing on behalf of the contesting respondent No.1. The respondents 2 to 4 are the arbitral panel.

3. The facts which are not in dispute are that the appellants herein, (conveniently called as petitioners herein) who are the successors to the former statutory Board, namely A.P. State Electricity Board, floated the Global Tenders on 28-4-1998 as a part of international competitive bidding in regard to the World Bank Aided Power Restructuring Project for high priority requirement in transmission and distribution system of the appellants on a fixed