VIBHU BAKHRU, J.

1. The petitioner has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter “the Act”) impugning the arbitral award dated 30.11.2017 (hereafter “the impugned award”) delivered by the Arbitral Tribunal constituted of a sole arbitrator, Sh K.K. Varma (Retired), Additional Director General, CPWD (hereafter “the Arbitral Tribunal”).

2. The impugned award was rendered in the context of disputes that had arisen between the parties in respect of contract for execution of the works relating to the “Comprehensive Development of Corridor (Outer Ring Road) between Wazirabad to Mukarba Chowk”. The controversy involved in the present petition relates to the price variation in contract price on account of increase / decrease in prices of materials specified in Schedule F in terms of Clause 10CA of the General Conditions of Contract-2010 (GCC-2010) that forms a part of the contract between the parties.

3. By the impugned award, the Arbitral Tribunal has accepted the respondent’s claims that the base Price Index (referred to a