JUDGMENT :

G.S. SISTANI, J.

1. The present appeal filed under Section 37 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as ‘the Act’) is directed against the judgment dated 25.02.2010 passed by a learned Single Judge of this Court by which objections filed by respondent No.1 to the Award dated 15.07.2002 have been allowed, and also costs of Rs.50,000/- have been granted in favour of respondent No.1.

2. Some necessary facts required to be noticed for the disposal of this appeal are that the parties entered into an agreement for construction of Doordarshan Bhawan, Mandi House, Phase-II SH: Sub Structure upto plinth level including RCC foundation and double basement. As per the agreement, the stipulated date for commencement of work was 12.04.1990 with the stipulated date of completion as 11.04.1991. The actual completion of work was done by the appellant on 30.10.1994. Some disputes arose between the parties. The matter was referred to an Arbitrator, who vide Award dated 11.02.1999 (hereinafter referred to as ‘First Award’), decided Claim No.12 in favour of the appellant by which Rs.1,44,83,830/- was awarded to the appellant on account of the loss of profit. It i