JUDGMENT

Vibhu Bakhru, J. Delhi State Industrial & Infrastructure Development Corporation Ltd. (hereafter `DSIIDC') has filed the present appeal under Section 37(1)(c) of the Arbitration and Conciliation Act, 1996 (hereafter `the A&C Act') impugning an order dated 03.05.2019 (hereafter `the impugned order') passed by the learned Commercial Court, whereby DSIIDC's application under Section 34 of the A&C Act, seeking to set aside an arbitral award dated 13.11.2014 (hereafter `the impugned award'), was rejected.

Factual Context

2. By a work order dated 18.07.2003 (hereafter `the agreement'), DSIIDC awarded the work of "Construction of Pucca School Bldg..at Dwarka, Sector-22, Delhi (Composite Work)" (hereafter `the Dwarka Project') to the respondent. The stipulated date of commencement of the Dwarka Project was on 27.03.2003. The Dwarka Project was to be completed within a period of eighteen months, that is, by 26.01.2005.

3. Thereafter, by a memo dated 02.09.2004, the Directorate (Works) Central Public Work Department (CPWD) added Clause 10CA to the agreement. The relevant extract of Clause 10CA reads as under:

"If after submission of the tender, the price of cement and/or steel reinfo