Prathiba M. Singh, J.

The present petition under Section 34 of the Arbitration and Conciliation Act, 1996 ("the Act") challenges the impugned award dated 15th April, 2010 whereby the Ld. Sole Arbitrator has awarded the claims raised on behalf of M/s. Jaiprakash Associates Ltd. (hereinafter "the Contractor") against IRCON International Limited (hereinafter "IRCON").

2. Ircon awarded contract dated 15th March, 2004 to the Contractor, for "construction of civil works including tunnels, bridges, earthwork etc. in Zone-III (KM 134-142) of Laole Quaziund Section of Udhampur, Srinagar, Baramulla New B.G Railway Line Project ('work')." The total period for completion of the work was 36 months. However, it is the admitted position that during the said period, the Contractor could execute a part of the work, to the tune of Rs. 26.44 crores as against the total project cost of Rs.168.46 crores. Due to the slow progress of work, IRCON issued a show cause notice on 12th January, 2007. In response to this show cause notice, the Contractor replied on 18th January, 2007 and alleged tha