JUDGMENT

1. The present petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 assails an award dated 17.12.2010 passed by an Arbitral Tribunal, pursuant to an arbitration agreement incorporated in the Contract Agreement dated 14.11.2002 entered into between the parties.

The background facts:

2. The contract between the parties is a construction contract, involving construction of "Civil Works of Dam, Spillway and Power House of 400 MW Koteshwar Hydro Electric Project at Koteshwar, Uttarakhand". A letter of award (hereinafter referred to as "LoA") was issued in favour of the Respondent on 31.8.2002, followed by contract agreement dated 14.11.2002; the contract period was 45 months from the date of LoA. The contract sum was Rs.334,51,66,092/- [Rupees Three Hundred Thirty Four Crores Fifty One Lakhs Sixty Six Thousand and Ninety Two Only].

3. The contract contains an arbitration clause for resolution of disputes through arbitration by an Arbitral Tribunal comprising of three arbitrators, each party appointing one arbitrator and the two appointed arbitrators appointing the presiding arbitrator.

4. A total of 14 claims were raised by the respondent; 6 counter