( 1 ) M/s Krishna Construction Company, present petitioners, were awarded the work for construction of 200 Dwelling units at Phase II, Asian Games Village Complex, Siri Fort Area, New Delhi vide letter of award dated October 27, 1980 for an amount of Rs. 2,49,47. 589 by Delhi Development Authority, respondent. A contract agreement No. 3/ee/agdii/80-81 was duly executed between the parties thereby incorporating the terms and conditions with regard to the work.

( 2 ) UNDER the Agreement, the work was to start on November 6, 1980 and was to be completed within a period of 9 months i. e. on or before August 5, 1981. The work was to be executed on crash basis in view of the impending Asian Games. It is alleged by petitioners that the work was executed under trying conditions as respondent kept on changing the original specifications, designs, materials to be used. Thereafter, various disputes arose between the parties. The agreement contained an arbitration clause. Shri H. D. Kochhar, Supdt. Engineer was appointed as the sole arbitrator under Clause 25 of the Agreement vide letter dated July 20, 1982 by Engineer Member of respondent DDA. He entered upon the reference on Janua