SUMAN SHYAM, J.

1. This appeal has been filed under Section 37 of the Arbitration and Conciliation Act, 1996( herein-after referred to as the "Act of 1996") assailing the judgment and order dated 15.11.2007 passed by the learned District Judge, Sivasagar in Misc Arb Case No.26 of 2005, setting aside the arbitral award dated 21.11.2004.

2. The basic facts are not in dispute in this case. The facts essential for disposal of this appeal, shorn of un-necessary details, are that the respondent/ ONGC had floated an NIT on 06.02.1995 inviting offers for carrying out Horizontal Drain Hole Drilling in respect of 4 (four) of its designated oil wells situated in the Upper Assam. In response to the NIT dated 06.02.1995, M/S Beckfield Drilling Services, USA, a company incorporated in the United States of America, had made its offer on 12.03.1995 which was accepted by the respondent on 23.05.1995. On 25.07.1995, a Letter of Intent (LoI) was issued in favour of M/S Beckfield Drilling Services, USA. However, by the letter dated 30.07.1995, while acknowledging the acceptance of the Lo