This petition was filed by Mr. Justice V.V. Raghavan who was appointed as the sole Arbitrator in regard to the disputes between the first respondent, M/s. Madras Refineries Ltd., Madras and the second respondent M/s. Sri Prasad Constructions.

2. The first respondent M/s. Madras Refineries Ltd. is a limited Company having its office at Manali, Madras-68. The second respondent is M/s. Sri Prasad Constructions represented by its sole Proprietor Ch. Baba Prasad, having its office at No. 11, Nawab Habibullah Avenue, Nungambakkam, Madras-34.

3. The first respondent with a view to expand its activities at Manali, called for tenders for site grading work at Manali as a first step in their expansion Scheme. The second respondent was one of the eight tenderers and after negotiations the second respondents tender was accepted on 22.4.1981 and the work was to be completed within one year, i.e, within 12 months. As per the contract the work was to be done at seven places in Manali and time was made the essence of the contract, the outer limit of one year in any event was to be kept up, although for various items of work at the seven places any delay may be excused and time extended, a