1. By this petition filed under section 34 of the Arbitration & Conciliation Act, 1996 (for short “the Arbitration Act”), the petitioner has impugned the arbitral award dated 21st February, 2012, thereby allowing claim nos.1 to 4 and interest thereon made by the respondent. Some of the relevant facts for the purpose of deciding this petition are as under :

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

3. The petitioner had undertaken the Mundra Delhi Pipeline Project, at the estimated cost of Rs.1623.00 crores. The petitioner appointed M/s.Engineers India Limited as the project consultant, who invited single public tender for composite works (mechanical, electrical & instrumentation) for terminals and stations at Awa, Ajmer and Jaipur vide bidding document No.654/T-159/05-06/VKG/07 under two bid system. The respondent emerged as the lowest bidder.

4. On 7th July, 2006, the petitioner issued a Fax of Acceptance in favour of the respondent at the total cost of Rs.19,95,30,359.78 with a completion period of 7 months from the date of issuance of the said Fax of Acceptance.

5. On 14th J