Hariprasad, J.

1. This appeal, filed under Sec.39 of the Arbitration Act, 1940 (in short, "the Act"), is against the order passed by the learned Subordinate Judge refusing to set aside an award by invoking power under Sec.30 of the Act.

2. Admitted facts, briefly stated, are the following:

The predecessor-in-interest of the respondents was a contractor. He submitted a tender to the appellants for construction of 20,000 MTC godowns with ancillary buildings, road, electric installation, internal and external services at Central Ware House, Thrissur. Estimated cost of civil works was `30,75,144.14. The tendered amount was 72,41,968.75, being 127% above the estimated cost. Tender for electrical works was for1,46,028.80, being 79% above the estimated cost of `1,15,362.75. Appellants awarded the contract to the predecessor-in-interest of the respondents. An agreement was executed in this respect on 18.03.1984. Date of commencement of work was fixed on 04.11.1984 and that of completion was on 03.09.1985. Thereafter the work commenced and proceeded to a considerable extent. However, the work could not be completed as scheduled and either side accused the other for the default.