B.N. SRIKRISHNA, J.:--- This appeal under section 39 of the Arbitration Act, 1940 (hereinafter refereed to as 1940 Act') impugns an order of the learned Single Judge dated 6-9-2000 dismissing the petition of the appellant under section 30 for setting aside an arbitration award.

2. The facts necessary for deciding the appeal are as under :---

(a) The appellant is a Government company engaged in the business of exploration and exploitation of Hydro Carbons. The appellant got a project approved called "Water Injection Pipeline and Platform Modification" ("WIPPM") which was to be executed at the Bombay High Offshore field. This project was intended to arrest further decline of the oil well pressure and thereby prevent oil production loss and had certain amount of national importance. Some time in the year 1985, by a notice the appellant invited tenders for execution of the WIPPM project. Several companies including the respondent submitted their tenders. On a scrutiny of the tenders it was found that the respondent was the only Indian Company who had made an offer for the said project. The respondent, however, was not found technically qualified to execute the project. In order