The Petitioners have challenged Award dated 17 September, 2009, under Section 34 of the Arbitration and Conciliation Act, 1996 (for short, “Arbitration Act”). The operative part of the Award is as under:

“To sum up, I hold that (a) letter dated 28th June 1999 modified the terms and condition of agreement dated 1st May 1999 and (b) recoveries and adjustments can be made in accordance with letter dated 31st October 2000.”

2. The basic events, as per the Petitioners, are as under:

On 01.05.1999, the Petitioners entered into a contract with the Respondent for supply of LPG Cylinders during the financial year 1999-2000. The Contract was incorporated in writing in the Purchase Order No. PG/EQPT/9/2055 dated 1.5.1999 and annexure thereto (hereinafter referred to as the “Purchase Order”). Under the Purchase Order the price was kept provisional at Rs. 679.67 ps. Per cylinder. A letter was forwarded to emphasize that the price of cylinder was provisional.

3. On 30.07.1999, the Respondent issued amendment to the Purchase Order which was signed by both parties fixing the price of cylinder at Rs. 702.98 ps. The rest of the conditions were same. The Petitioner sold and delivered contra