( 1 ) THE respondent, M. L. Dalmiya and Co. Ltd. , an existing company under the Companies Act, 1956 hereinafter referred to as the Company, was employed by the Union of India, the appellant before us, to construct the New Terminal Building at Dum Dum Air Port Phase 1 Superstructure in terms of contract No. 13/ee/63-64 entered into on May 14, 1963. The Company completed the work including additional works before August 14, 1970. In course of work various disputes and differences arose between the parties in respect of the said contract. The disputes between the parties were referred by the Chief Engineer (Eastern Zone) to the arbitration of M. S. Iyengar Superintending Engineer (Arbitration ). The arbitrator after hearing, examining and considering the statements of the parties and oral and documentary evidence, published his award on September 25, 1972 for which extension of time was duly obtained. The award was purported to be corrected by the Arbitrator in respect of certain alleged clerical mistakes on December, 1972.

( 2 ) THE award was filed in this Court and the appellant filed an application for setting aside the said award or portion of it and or fo