1. By this petition filed under section 34 of the Arbitration & Conciliation Act, 1996 (for short the said “Arbitration Act”), the petitioner has impugned the arbitral award dated 8th June, 2012 passed by the learned arbitrator, a former Judge of the Supreme Court, allowing some of the claims made by the respondent. Some of the relevant facts for the purpose of deciding this petition are as under:

2. The petitioner was the original respondent, whereas the respondent was the original claimant in the arbitral proceedings.

3. The respondent herein is carrying on business of supply of material such as pipes, pipe fittings, flanges etc. to the developers, builders and contractors. The petitioner is carrying on business of infrastructure and real estate development of residential and commercial properties, tourist complexes and hotels.

4. During the period between November, 2006 to October, 2008, the respondent supplied various kinds of material such as pipes, pipe fittings, flanges, valves etc. to the petitioner. It was the case of the respondent that the first order for supply of material was placed by the petitioner on or around 18th November, 2006 and until about the end of