JUDGMENT - S.M. JHUNJHUNUWALA, J. :---The petitioners in all these petitions are a statutory corporation established under the International Airports Authority of India Act, 1971 and the respondents are a partnership firm engaged inter alia in the business of civil construction. The petitioners had invited tenders for construction of Terminal Building of New International Passenger Terminal Complex (Phase II) at the Bombay Airport Sahar, Bombay. The estimated cost of the work was shown as Rs. 4,09,29, 662/- and the completion period was 30 months from the 15th day after the date of the award of the contract. The petitioners received amongst others the tender submitted by the respondents for the said work. The tender submitted by the respondents was accepted for Rs. 7,26,31,325/- and after discussions and negotiations the work was awarded to the respondents and a formal agreement was entered into between the petitioners and the respondents on 22nd January, 1982. Clause 25 of the Conditions of the Contract contained an arbitration clause between the petitioners and the respondents. This clause envisaged settlement of disputes between the petitioners and the respondents through the ap

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