ORAL JUDGMENT:

This Petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short, the Act), whereby award dated 31st January, 2007 has been challenged. The Arbitrator has granted the award as under:-

“I hereby direct the Respondents to pay to the Claimants the sum of Rs.9,12,157/- within 30 days from the date of the Award. If the Respondents fails to pay the awarded sum within 30 days from the date of the Award then the Claimants shall be entitled to receive interest at the rate of 9% p.a. On the awarded sum of Rs.9,12,157/.”

2. The facts of the case are the Petitioners are interalia engaged in the business of refineries and marketing, selling and distributing of Petroleum Products. The Respondents is a partnership firm engaged in engineering works.

3. On 26th July, 2002, the Petitioners had floated limited tender No.MSO/ENG/LT-16/01-02/BHADLI for construction of sand pad foundation, fabrication of new cone roof tank for water and installation of fire fighting pumps at Petitioner’s Bhadli depot. Pursuant to the quotation received from the Respondents, the Petitioners by letter dated 26th July, 2002 placed the work order upon the Respondent