Amitava Roy, J.

1. This appeal carries a challenge to the judgment and order dated 07.11.2001, passed by the learned District Judge, Golaghat in Misc. Arbitration Case No. 01 of 2001, setting aside the arbitral award dated 23.09.2000, in Case No. 9644/OLG/ESR/TE, awarding inter alia an amount of Rs. 29.76 crores, in favour of the Appellant together with interest, pendentlite and post award, at the rates recorded therein.

2. We have heard Mr. A.K. Ganguly and Mr. G.N. Sahewalla Senior Advocates, assisted by Mr. A. Sagar, D. Rahul Roy, D. Senapati and Md. Aslam Advocates for the Appellant and Mr. S.S. Roy, Mr. G. Chakraborty and Mr. H. Roy, Senior Advocates assisted by Mr. K. Goswami and Ms. P. Khrimey Advocates for the Respondent.

3. The prefatory facts in brief would have to be stated. The Appellant, Daelim Industrial Company (hereinafter for short as 'DIC'), is a Company incorporated in Seoul, Korea, having its registered office there. The Respondent Numaligarh Refinery Limited (hereinafter for short as 'NRL') is a Govt. of India undertaking incorporated under the Indian Companies Act, 1956, having its registered office at Guwahati, in the State of Assam, India. It, through i