SANJIB BANERJEE, J.

1. The employer assails the award in excess of Rs. 10 crore, inclusive of interest, obtained by the contractor in the construction of an office building that is a prominent landmark near the Ultadanga Crossing in the city. Videsh Sanchar Nigam Limited (the employer or the petitioner) complains that Shapoorji Pallonji & Company Limited (the contractor or the respondent) failed to finish the work within the time permitted despite the original time being extended and the Arbitral Tribunal completely misdirected itself not only in assuming that it had authority to grant further extension of time till the date of virtual completion of the construction, but also to compensate the contractor for the contractor having to overstay at the site. The employer assails every bit of the award beginning the procedure adopted by the Arbitral Tribunal, right up to the quantum of interest awarded.

2. A letter of intent was issued by the petitioner on March 28, 1995 for construction of the building. It stipulated that the work was to commence upon issuance of such letter and was to be completed within 21 months therefrom. The formal agreement was executed sometime in August,