JUDGMENT :

(Prayer: Original Petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 to set aside claims 1,2,3,5,7 and 12 of the Award dated 22.05.2014, and subsequently modified on 02.06.2014 to the extent that it directed the Petitioner to pay Rs.3,44,12,752.95 payable with interest at 9% per annum from 31.08.2005 within a period of two months from the date of the Award and thereafter with interest at 18% per annum till payment and for costs.)

1. The respondent in the Arbitration Proceeding is the Petitioner before this Court. The dispute arises out of a contract dated 09.12.1991, which was awarded to the first Respondent by the Petitioner pursuant to a tender for works related to the handling at site stores/storage yard, transportation to site, pre-assembly, erection and commissioning of structures, galleries, pressure parts, non pressure parts, air pre-heaters, pulverized fuel piping, boiler integral piping and ducts etc. for the second boiler (Unit II) of the 2 x 500 MW Units at Talcher Super Thermal Power Project for NTPC, Kaniha, Telcher District, Orissa. After the award of the contract, a detailed Letter of Intent was issued on 20.01.1992 and the Fina