DESHMUKH D.K., J.: - By this petition the Award dated 30.6.2005 made by the learned sole Arbitrator directing the petitioner to pay to the respondent an amount of Rs. 3,12,74,444/- with interest, is challenged.

The facts that are relevant and material for deciding this petition are that the respondent entered into a contract for execution of work of "Crude Distribution system" for AUV project at Gujarat Refinery site Vadodara of the petitioner-Indian Oil Corporation Ltd. The contract contained an arbitration clause. As per the arbitration clause in case of dispute on receipt of notice of arbitration from the claimant, the General Manager of the petitioner had to nominate a panel of three persons and the claimant had to select one of them as sole arbitrator. The respondent filed the petition under section 9 of the Arbitration and Conciliation Act, 1996 being Arbitration Application No. 31 of 2002. In that petition, the parties arrived at the consent terms. By virtue of those consent terms one Mr. H. Parekh was appointed as arbitrator. By the consent terms time for making award was fixed. During the period that was fixed for making the award Mr. Parekh could not make the award. The pa

Click Here to Read the rest of this document