1. By this petition filed under section 34 of the Arbitration & Conciliation Act, 1996 (for short the said Act), the petitioners seek to impugn the arbitral award dated 26th October, 2012 made by the learned arbitrator allowing the claims made by the respondents. Some of the relevant facts for the purpose of deciding this petition are as under:

2. The petitioners were the original respondents before the learned arbitrator. The respondents herein were the original claimants before the learned arbitrator.

3. Some time in the year 2011, the petitioners floated 16 tenders for the supply, construction and commissioning of the sub-transmission lines, power transformers etc. for different parts of Maharashtra. The last date for submission of e-bids was 21st September, 2011. The respondents submitted the e-bids in respect of the 3 tenders which were in respect of Amravati Zone, Aurangabad – Nanded Zone and Baramati Zone on 21st September, 2011 i.e. within time stipulated for submission of the e-bids. The bids were required to be submitted in two parts : (a) technical bid and (b)