1. I.A. 2292 of 2000 is an application by the Defendant Bharat Bijlee Ltd. (‘BBL’) under Sections 30 and 33 of the Arbitration Act, 1940 (‘1940 Act’) raising objections to the impugned Award dated 1st January 2000 of the sole Arbitrator in the disputes between the Plaintiff Modern Co-operative Group Housing Society Ltd. (hereinafter ‘the Society’) and BBL arising out of an order placed by the Society on BBL for supply of six lifts for the Society.

2. The offer made by BBL for supply of the six lifts was accepted by the Society on 30th December 1987 for the value of Rs. 20,88,450. It was subject to a price variation claim (‘PVC’). Payment was to be made prorate per lift as follows:

30% of contract value with the acceptance of the proposal.

60% of contract value plus PVC on material portion on receipt of advice from BBL that the materials are ready for dispatch.

10% of contract value plus balance PVC plus taxes and levies as applicable on completion of the installation work with the further provisions that BBL is delayed by any cause beyond its control, the final 10% plus taxes and levies as specified will be paid to BBL within 180 days from the date of its advice that the