JUDGMENT :

Krishna Rao, J.

1. The petitioner, Steel Authority of India Limited has filed the present application under Section 34 of the Arbitration and Conciliation Act, 1996 challenging the award passed by the learned sole Arbitrator dated 19th June, 2013 between (Balaji Industrial Products Limited vs. Steel Authority of India).

2. A Tender Notice was published by the Steel Authority of India inviting offers for sale of 60,000 Metric Tonnes of Run of Mines (Iron Ore), from the mining face of Ranichua Bench of Gua Ore Mines. The respondent had participated in the said tender process. The respondent being the highest bidder and as such the petitioner issued a Letter of Intent dated 26th February, 2005 to the respondent offering the material at the rate of Rs. 807/- per MT exclusive of excise duty, sale tax and other taxes and duties.

3. On acceptance of the letter of intent, the respondent has deposited security deposit of Rs. 24,21,000/- on 16th March, 2005. The contract period was 90 days from the date of issuance of first delivery order. On 16th March, 2005, the first delivery order was issued for lifting 30,000/- MT of materials and the respondent has paid an amount of Rs. 2,52,26,