1. THIS is an application under section 9 of the Arbitration and Conciliation Act, 1996 in support of a claim in damages made in the reference. The petitioner seeks orders in the nature of attachment before judgment and says that the claim is such and the conduct of the respondent demands that the respondent be restrained from dealing with or disposing of its only known immovable property in Hyderabad.

2. THE agreement between the parties required a fuel handling system for a captive power plant to be set up by the respondent at the factory premises of the petitioner within a period of six months from the date of issuance of the work order or the execution of the agreement on or about May 12, 2006. It is the admitted position that even though there was no formal letter extending the time to complete the work, minutes of meetings held between the parties would reveal that the respondent was permitted to continue the work beyond November 12, 2006.

The agreement recorded that time was to be of the essence of the contract and clause 2.11 provided for payment of liquidated damages for delay in delivery. The petitioner was, under such clause, entitled to deduct from the contrac