Kuldip Chand Sood, J.—These objections, under Section 34 of the Arbitration and Conciliation Act, 1996 (Act for short) have been laid by the Himachal Pradesh State Industrial Development Corporation (HPSIDC for short) for the setting aside of the award made by Shri PC. Dhiman, Arbitrator (Director of Industries, H.R) dated April 28, 2001.

2. It appears, HPSIDC invited offers for the allotment of Industrial Plots, at Industrial Area, Baddi, in the year 1985. M/s. Ashoka Steels Ltd./ a partnership firm, respondent herein, applied for the allotment of plot(s) on April 15, 1985. HPSIDC issued letter of intent for the allotment of the plots on November 17, 1986. HPSIDC decided to allot the industrial plots No. 41 and 42 to the respondent firm on June 4,1987 subject to the execution of the agreement. The possession of the plots was to be handed over to the respondent firm after the execution of the agreement. The agreement was not executed till February 28, 1995. The possession of the plots was handed over to the respondent firm on March 4, 1995. HPSIDC on April 16,1995, issued notice to the respondent-firm saying that firm was required to start the construction work within thirt