1. This is an application under Section 5 & 8 of Arbitration and Conciliation Act, 1996, in a suit for recovery of Rs.1,79,92,366/-. On 26.09.2005, the defendant/applicant had issued a notice inviting tender for Project Management Consultancy Services, for design and engineering, carrying out investigation work, basic engineering with cost estimate, statutory approvals, procurement assistance etc. and preparation of project completion documents for implementation of LPG/Propane/Butane Import/Export Terminal at Ennore(Tamil Nadu), on a lump sum turnkey basis. The bid documents consisted of two volumes. The first volume contained instructions to bidders; forms of bid, bank guarantee and conditions of contract, etc. whereas the second volume consisted of scope of work and other project requirements. On 1.9.2006, the defendant/applicant issued a Letter of Intent to the plaintiff with respect to the aforesaid tender. Pursuant thereto, a work order dated 3.10.2006 was issued to M/s.Triune Projects Pvt. Ltd., which was substituted by amended work order dated 25.1.2007 in the name of the plaintiff which had acquired the business of M/s.Triune Project Pvt. Ltd. Ot