( 1 ) BY this Appeal filed under section 37 of the Arbitration and Conciliation Act, the appellants challenge the order dated 9th August, 2004 passed by the Arbitral Tribunal.

( 2 ) THE facts that are material and relevant for deciding this Appeal are : in july, 1999, the appellants invited a tender bearing No. MRBC/dbg/mm/rigs (CH)/51 (46)/990t-873 for the charter hire of one slot/cantilever type Jack up rig.

( 3 ) IN response to the invitation of the aforesaid tender, five bidders submitted their offers including the respondents and one M/s Neptune exploration and Industries Ltd. (hereinafter referred to as "m/s Neptune") was also one of the bidders. The respondents and M/s Neptune offered the same Rigs "sakhalinskaya" and "kurilskaya" for the said tender. The appellants had called upon the respondents and M/s Neptune to clarify and inter alia confirm the availability of the said Rigs. M/s Neptune furnished to the appellants a letter dated 8th December, 1999 from M/s Osneft Sakhalinmorneftegaz, the rig owners regarding the availability of the two rigs to the aforesaid two bidders namely M/s neptune and the respondents. By a letter dated 22nd December, 1999, the appellant