( 1 ) THIS is an appeal against the judgment and order dated October 4, 1996 of a Single Judge of this court, by which an application under section 30 of the Arbitration Act, 1940, to set aside an award dated June 10, 1995 was dismissed.

( 2 ) A dispute relating to the claim for rentals of equipments and for supply of chemicals arising out of a contract between the parties was referred to the joint Arbitrators, Mr. Alok Chandra Gupta (nominated by ONGC) and Mr. R. P. Bhatt (nominated by Dowell) both retired judges of High Court. At the close of the reference proceeding, there was an Award in favour of the claimant (Dowell) directing the appellant (ONGC) to pay the following amounts with interest @ 7. 5 per cent per annum from 1st April, 1994 till the date of payment as also a sum of Rs. 25,000 as costs of arbitration :- (1) Claim for rentals of equipment (payable is US$) (2) Claim for difference in exchange rate an the invoice for supply of chemicals (payable in Rupees at the DD buying exchange rate on the date of payment. US$ 345,449. 39 us$ 16,345. 27

( 3 ) THE Award was challenged on the grounds with regard to the authority of the joint Arbitrators in construing