1. By this petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short 'the said Act'), the petitioner has impugned the arbitral awards rendered by the arbitral tribunal on 7th February 2008 and 3rd November 2009 allowing some of the claims made by the respondent and rejecting the counter claims made by the petitioner. Some of the relevant facts for the purpose of deciding this petition are as under:

2. The petitioner was the original respondent in the statement of claim and was claimant to the counter claim before the arbitral tribunal. The respondent herein was the original claimant to the statement of claim and original respondent to the counter claim before the arbitral tribunal.

3. On or about 23rd October 1992, the petitioner and the respondent entered into an agreement by which the respondent awarded job of its 'Information Technology Upgrade Project' comprising of (i) Project Management, (ii) Software Development and Implementation, (iii) Networking Services, and (iv) Training and Implementation Support (for short 'the said Technology Upgrade Project') for the consideration and on the terms and conditions contained in the Agreement dated 2