MAHMOOD ALI KHAN, J. - This application is filed under section 34 of the Arbitration and Conciliation Act (for short the Act) for setting aside the award dated 31.10.2002 rendered by the sole arbitrator, Mr. Justice (Retd) K. Ramamoorthy so far as it is based on the finding on issue No. 6, that the respondent No. 2 is not liable to pay the awarded amount personally. The facts of the case may be stated as follows :

1.1 The respondent No. 1 is a company incorporated under the Indian Companies Act and respondent No. 2 is its President, Managing Director and CEO. Respondent No. 1 entered into an agreement, dated 7.5.1999, for having premises situated at Block A, House No. 1, Dr. Jha Road, Okhla, New Delhi, fitted. The said contract contained an arbitration clause for reference of the dispute which may arise between the parties. The petitioner executed the contract and certain disputes with regard to the payment of the running account bills and final bill submitted by the petitioner to the respondent have arisen. The respondent No. 1 did not have any assets in India, and it would have been impossible to recover money found due against it in the award passed against it. The peti