B.N. SRIKRISHNA, J.:---This is an appeal directed against the judgment and order of the learned Single Judge dated 13th October, 1995 dismissing the petition of the appellants under section 30 of the Arbitration Act, 1940 (hereinafter called "Act").

2.The facts leading to the present appeal, shortly stated, are as under :-

The appellant is an authority constituted under the Oil and Natural Gas Commission Act, 1959 whose main function is to carry out development of petroleum resources, production and sale of petroleum and petroleum products. The respondent is an Indian Company which is engaged in the supply of chemicals and pure Helium. On 2nd May, 1989 the appellant published a notice inviting tenders for supply of pure Helium gas. On 14th June, 1989, the interested tenderers, including the respondents, submitted their technical bids. Similarly, on 11th October, 1989 price bids were submitted by all the tenderers including the respondents. The price bids were opened on 23rd November, 1989 and the respondents bid was found to be the lowest in that the respondent had bid a price of Rs. 150/- per cubic meter out of which US $ 4.60 was to be the foreign exchange component. Since