P. KALAIYARASAN, J.

1. This Original Side Appeal is directed against the order of the learned single Judge of this Court, dated 11.01.2012 passed in O.P. No. 457 of 2009, under Section 37 of the Arbitration and Conciliation Act, 1996.

2. The facts leading to this appeal in brief are as follows:-

(i) The Government of India by Kerosene (Restriction on use and fixation of celling price) Order, 1993, introduced the parallel marketing system in respect of imported kerosene and furnace oil. The Chennai Port Trust (herein after referred to as "CPT"), the appellant herein called for tender by notification, dated 17.05.1995 for lease of about six acres of land inside the port area for creation of tankage facilities for storage of kerosene and furnace oil to be handled under the parallel marketing arrangement. The appellant, Port Trust approved the first respondent, namely M/s. South India Hydrocarbon and Terminals Ltd., as the successful tenderer, subject to certain conditions by their communication, dated 19.08.1995. The first respondent was called upon to enter into an agreement by the appellant's letter, dated 15.02.1997 and an agreement of lease, dated 05.01.2000 was entered int