Manmohan Singh, J.

1. The petitioner has filed the objection under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the Act) against the unanimous arbitral award dated 15th November, 2013 passed by a three member Arbitral Tribunal.

2. The brief facts of the case as per pleadings of the parties are that the subject work was awarded to the respondent vide the petitioner's letter of intent No. 11011/9/98-C-F/Karur Bypass dated 8th July, 1999, for a contract value of Rs. 34,95,72,588/-.

3. The contract agreement was subsequently entered into between the parties on 30th August, 1999. As per the stipulations of the contract, the entire work was to be completed within 24 months from the date of commencement of work.

4. The work was started on 28th September, 1999 and as per the contract conditions it was to be completed by 28th September, 2001. However, the work could not be completed within the period stipulated in the contract and hence, certain extensions of time for completing the work were necessitated. The work was finally completed on 30th September, 2002 with a delay of about 12 months.

5. The case of the respondent was that the respondent