By this petition filed under section 34 of the Arbitration & Conciliation Act, 1996 (for short “Arbitration Act”) the petitioner has impugned the arbitral award dated 26th November, 2011 and a clarificatory award dated 22nd February, 2012 passed by the learned arbitrator allowing some of the claims made by the respondent and dismissing the counter claims made by the petitioner. Some of the relevant facts for the purpose of deciding this arbitration petition are as under :-

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

3. On or about 26th June, 1998, the petitioner issued a public invitation for pre-qualification of bids for the award of contract for the proposed work of modernization of the existing Marine Oil Terminal and berths/jetties J1, J2 and J3 at their multi-user and multi-cargo Marine Oil Terminal at Jawahar Dweep based in the Mumbai Harbour. The petitioner also arranged for pre-bid meetings and visits to the site of work which were attended by the respondent along w