S. Mralidhar, J.

1. Indian Oil Corporation Limited (‘IOCL’) in this petition under Section 34 of the Arbitration and Conciliation Act, 1996 (‘Act’) has challenged an Award dated 15th January 2006 of the learned sole Arbitrator in the disputes between it and the Respondent, Era Constructions (India) Limited (‘ECIL’) arising out of the award of civil and structural works for IOCL’s Catalytic Reformer Unit (‘CRU’), Utilities and Off-sites at Mathura Refinery, to ECIL by IOCL by a telegram of Acceptance dated 4th January 1995 followed by a Letter of Acceptance (‘LOA’) dated 22nd February 1995. By the impugned Award, the learned Arbitrator rejected IOCL’s claims as being time barred and allowed ECL’s counter claims in part.

Background facts

2. In terms of the LOA the work was to be completed within 12 months to be reckoned from the date of issue of the LOA. A formal contract was entered into between the parties on 3rd May 1995. According to IOCL, ECIL failed to carry out the work in accordance with the contract despite repeated warnings. By December 1995 the Respondent had completed the work of a value of approximately Rs. 91 lakhs against the job of the value of Rs. 3.25 crores