Hon’ble Rajnish Kumar, J.—The instant appeal under Section 37 of the Arbitration and Conciliation Act, 1996 has emanated from the judgment and order dated 28.8.2018, passed by the Commercial Court, Lucknow in Arbitration Case No. 49 of 2018; M/s.Proactive In & Out Advertising Ltd. v. U.P. State Road Transport Corporation.

2. The facts in brief for adjudication of the present controversy are that the appellant is a Private Limited Company registered under the Companies Act 1956. The appellant entered into an agreement with the respondent-Corporation on 12.12.2014 for display of advertisement on ordinary buses for a period of two years plying on depots in 14 different regions within the State of Uttar Pradesh. As per the terms of the agreement the appellant had agreed to pay Rs. 857 per bus per month.

3. Upon expiry of the agreement the respondent issued a tender at a higher price calling for submission of bids by 9.12.2016. It appears that no bidders were forthcoming, therefore, the bid submission date was extended up to 28.12.2016 but no bids were submitted. Therefore, the appellant wrote a letter to the respondents on 16.1.2017 requesting for extension of agreement for a p