JUDGMENT :

(Krishna Rao, J.) :

1. The petitioner has filed the instant application under Section 34 of the Arbitration and Conciliation Act, 1996 against the award passed by the Arbitrators dt. 01.9.2015.

2. On 03.10.2008, the Chief Engineer, Metro Railway/Calcutta had published a tender notice with respect of execution of ROB and road approaches at Kharagpur in replacement of Manned Level Crossing at KM 118/ 4-5, KM 0/18 and 123/2-3 in Kharagpur -Bhadrak Section of South Eastern Railway.

3. The respondent had participated in the said tender and the said work was awarded in favour of the respondent. The petitioners vide letter dt. 05.02.2009 accepted the rate quoted by the respondent for an amount of Rs. 18,77,85,218.89/- against the estimated value of Rs. 17,99,99,99.40/-.

4. On 29.09.2009, an agreement was executed between the petitioner and the respondent being agreement no. MTP/Civil/887 and the time of completion of the said work was 24 months from the date of issue of the letter of the acceptance.

5. On 05.02.2009 a letter of acceptance was issued in favour of the respondent b