(Dr. D.Y. Chandrachud, J.) :

This Appeal arises from a judgment of a Learned Single Judge dated 11 November 2011 on a petition under Section 34 of the Arbitration and Conciliation Act 1996.

2. On 28 February 1998 a letter of intent was issued by the Respondent to the Appellant for the construction of Plant 'C' building at a contract price of Rs.1.63 Crores. A reference was made to arbitration of the disputes and differences between the parties in the execution of the work under the contract. By the award of the Arbitral Tribunal, the Respondent was directed to pay an amount of Rs.1.93 Crores to the Appellant together with interest at 10% per annum on the principal sum of Rs.1.84 Crores. The heads of claim which were awarded by the Arbitral Tribunal were as follows:

1) Principal Retention Money Amount payable by the Respondent to the Appellant Rs.1,43,028/-

2) Principal amount of overhead loss Rs.1,32,53,248/-

3) Principal amount of loss of profit Rs.13,50,715/-

4) Loss for underutilized plant and equipment Rs.38,11,531/-

5) Reimbursement of infrastructure expenses Rs.2,01,417

Interest was awarded on the principal retention money and loss of profits pendentelite.

3. The Learne