By this petition filed under section 30 and 33 of the Arbitration Act, 1940 the petitioner seeks that the arbitral award dated 10th December, 2007 rendered by the learned umpire be set aside. The petitioners herein were the original respondents in the arbitration proceedings and the respondents herein were the original claimants. For the sake of convenience, the parties herein are referred to as the parties described in the arbitration proceedings. Some of the relevant facts for the purpose of deciding this petition are as under :-

2. Sometimes in the month of December 1987 the respondents invited tenders for construction of 26' submarine oil pipe line and 24' submarine oil trunk pipeline between Uran Shore Refinery and the HRA Platform. The claimants submitted their bid in response to the said invitation. On 6th November, 1989 the bid of the claimants came to be accepted by the respondents. Parties entered into a contract on 6th November, 1989 on the terms and conditions recorded therein. The claimants submitted a bank guarantee as per clause 17.1 of the contract. The stipulated date of completion of the work as per clause 8.5 of the contract was 15th May, 1990. On