The Petitioners-Oil and Natural Gas Corporation Limited (for short, ONGC) have challenged award dated 30/06/2007 passed in favour of the Respondents (Original Claimant) by this Petition under Section 34 of the Arbitration and Conciliation Act, 1996 (for short, the Arbitration Act).

2 The events based upon the synopsis of the Petitioners are as under:-

On 25/10/1995, the Petitioners issued a tender for the supply of Casing Pipes and the Respondents offered the same. The order was placed accordingly on 04/03/1996.

3. The supply of Casings was divided into two lots. Lot-1 consisting of 5000 Mtrs of 5”OD L80 18 PPF and 7000 Mtrs of 7” OD L80 29PPF Casing Pipes, and;

Lot-2 consisting of 5370 Mtrs of 5” OD L80 18 PPF and 18476 Mtrs of 7” OD L80 29PPF Casing Pipes”.

Delivery of both lots to be completed, as agreed, within 135 days from the date of the order.

4 On 26/03/1996 and 06/05/1996, the Petitioners called upon the Respondents to submit a dispatch schedule by letters. The Respondents submitted a performance bond. On 08/05/1996, the Respondents replied by a letter informing the Petitioners about the developments. On 22/08/1996, the Respondents asked for an extension of