1. The instant petition has been filed by the petitioner under Section 34 of the Arbitration and Conciliation Act, 1996, challenging the Arbitral Award dated 19.12.2014, passed against the petitioner.

2. The brief facts leading to the filing of the instant petition are as follows:

(a) The work of Gauge Conversion between Pollachi Palghat - Screening salvaged ballast, Marking of High Flood Level and Danger Level in Minor Bridges, Transportation of Ballast was awarded to the petitioner by the first respondent. The Letter of Acceptance dated 2.2.2012 was issued to the petitioner. The total value of the work was fixed at Rs.1,06,06,096/-. The time for completion was three months i.e., on or before 1.5.2012. Subsequently, an agreement dated 28.4.2012 was executed between the parties.

(b) On receipt of the Letter of Acceptance, the petitioner had commenced the work. According to the petitioner, the nature of the work was such that the work could not be carried unless the formation was made ready. According to the petitioner, this work of making formation ready was given to some o