( 1 ) THIS is a petition under Section 20 of the Arbitration Act, 1940 (for short "theact") filed by M/s. Thompson Press (India) Ltd. (hereinafter called the petitioner)against U. P. State Road Transport Corporation, Lucknow (hereinafter called therespondent ).

( 2 ) THE case of petitioner is that in pursuance to the tenders invited by the respondentfor the printing and supply of blank Ticket Books , the petitioner s tender offer dated20. 10. 1994 (Annexure B-1 ) was accepted by the respondent vide their letter dated15. 12. 1994 (Annexure B) on the terms and conditions mentioned therein. Anagreement (Copy at Annexure A) is also alleged to have been entered into on5. 4. 1995. In pursuance of this contract, the petitioner had supplied the requisitenumber of blank ticket books as and when ordered by the respondent. The petitionerhad submitted their bills for payment for the price thereof but the respondentunreasonably withheld and delayed the payments for a long time in spite of repeatedletters of demand and at last the respondent had admitted liability to pay only Rs. 14,10,898. 00 and after long delay paid only Rs. 13,78,447. 00 on 26. 5. 1997. Balanceamount, security