JUDGMENT

1. Petitioners claim to be engaged in the business of designing, developing, manufacturing, marketing and/or sale of telecommunications related products worldwide. According to petitioners, Bharat Sanchar Nigam Limited (BSNL) invited bids for planning, supply, installation and commissioning of IMPCS 20/30 Combo Network (Phase V) vide tender No.: MM/CMTS/032006/000301 dated 22.03.2006 and B&CCS (Billing and Customer Care System including DR) and COTS Solution, which were part of overall IMPCS 20/30 network (Phase V) solution designed by petitioners, were to be delivered to the BSNL as per tender specifications and requirement. For this purpose, petitioners entered into Cooperation Agreement Nos. PACIND3009032002RUB & PACCHNHW09032002 RUA dated 20.03.2009 with the respondent.

2. During the course of hearing, learned counsel for the petitioners submitted that Clause 4.4 of the Agreement clearly stipulated that time is of the essence under the agreement and the respondent is obligated to follow the project time line and ensure that no delay is there in supply and implementation; Clause 4.5 of Agreement stipulated that the respondent was to provide (one) year Operation and