The main legal point established in the judgment is that the arbitral tribunal's decision, based on authenticated evidence and within its jurisdiction, is not subject to review by the court unless it is found to be perverse or in violation of contractual or statutory provisions.

JAYANT NATH, J.

1. The present petition is filed under section 34 of the Arbitration and Conciliation Act, 1996 to impugn the award passed by the learned arbitral tribunal dated 14.02.2017. The majority award has been passed by the presiding arbitrator and the co-arbitrator rejecting the claims of the respondent except claim Nos.1 and 3. The second co-arbitrator Sh.Puran Chand has passed a separate award also rejecting all the claims of the respondent other than claim Nos.1 and 3. However, in the separate award, the quantification of the claims have been reduced.

2. The brief facts are that pursuant to the issuance of a notice inviting tenders, the respondent emerged as the highest successful bidder regarding the work of four laning and strengthening of existing two lanes between Km. 110 to Km.140 on NH-2 in the State of Bihar. Letter of acceptance was issued to the respondent on 23.02.2002. A contract agreement was executed on 27.03.2002. The stipulated date of commencement was 31.03.2002 and the entire project was to be completed within 36 months.

3. The project was divided into two sections. Section 1- New and Old Carriageway Bridge Km 130.500 to Km 140.00 (period of completion 24 months). Section 2 - New Carriageway (Bypass) Km 110.00 to Km 130.500 (period of completion 36 months).

4. A supplementary agreement dated 31.03.2004 was entered into between the petitioner and respondent wherein time for completion of Section 1 was amended. The scheduled date for completion of Section 1A was 30.3.2004, for Section 1B was 30.03.2005 and Section 2 was 30.03.2005. The work was however completed on 30.11.2007, 03.09.2007 and 10.07.2008, respectively. Taking over certificate was issued by the Engineer on 24.12.2007 for Section 1A, on 12.10.2007 for Section 1B and on 09.07.2008 for Section 2. The disputes having been arisen between the parties, the matter was referred to arbitration.

5. The respondent raised 8 claims before the learned Arbitral Tribunal. Details of the claims and the awarded amounts are as follows:

Sl. No.	Description of the Claim	Amount Claimed	Amount Awarded
1.	The losses incurred/suffered due to deployment of plant and machinery during the extended period of the Contract	Rs.77,54,28,747	Rs.6,37,71,803
2.	The losses incurred/suffered due to deployment of manpower during the extended period of the Contract	Rs.5,50,74,139	NIL
3.	The losses due to overheads incurred/suffered during the extended period of the Contract	Rs.34,96,97,908	Rs.5,10,17,227
4.	The loss of contractor’s profit during the extended period of the Contract	Rs.25,91,18,255	NIL
5.	Claim against losses incurred/ suffered on account of additional expenditure due to extension of BGs towards performance security, mobilization advance and key construction equipment advance and also extra interest liability on advance drawn due to extension of period of the contract	Rs.11,32,65,338	NIL
6.	Loss on account Additional Expenditure on Insurance charges (CAR Policy)	Rs.1,13,09,282	NIL
7.	Losses due unprecedented and phenomenally abnormal rise in price of steel	Rs.3,20,00,125	NIL
8.	Extra cost incurred due to change of foundation of Sone Bridge from Pile foundation of Well foundation	Rs.3,51,78,894	NIL

6. In addition, the learned arbitral tribunal awarded interest @ 12% per annum compounded monthly on the awarded amount from 01.12.2011 till the date of award and 8% simple interest from the date of award to the date of actual payment.

7. A perusal of the award would show that the learned arbitral tribunal has first adjudicated the two preliminary objections raised by the petitioner, namely, that the statement of claim has not been signed and verified by a duly authorized