JUDGMENT - B.N. SRIKRISHNA, J.:---This Appeal is directed against the judgment and order of the learned Single Judge (D.K. Deshmukh, J.) dated 17th December, 1999 allowing the petition and setting aside the Arbitration Award No. 18 of 1998. When this Appeal came up for admission, Counsel on both sides requested that the Appeal be finally heard at that stage itself. We have acceded to this request.

2. Appeal admitted. Notice made returnable forthwith. Respondents waive notice through Counsel. By consent, Appeal is finally heard.

3. The appellants are licensees under the Indian Electricity Act, 1910 who supply electric energy to consumers. The respondent is Union of India which owns the Western Railway.

4. On 7th July, 1971, a Power Supply Agreement was executed between the appellants and the respondent, Western Railway, for supplying electricity to the Railways. Clause 20 of the Power Supply Agreement contains an arbitration clause which read as under :---

"20.0 In the event of any dispute or difference at any time arising between the Government and the Companies in regard to any matter arising out of or in connection with this agreement such dispute or difference shall be referred to

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