JUDGMENT :

1. The present first appeal from order has been filed by the appellant- Meerut Development Authority (in short 'MDA') against rejection of it's objections filed under Section 34 of the Arbitration & Conciliation Act, 1996 (hereinafter referred to as the 'New Act'). The award framed by the learned sole arbitrator dated 19.03.2005 has become enforceable, thus entitling the respondent - M/S Civil Engineering Corporation Ltd. through its proprietor Ms. Tripti Garg (hereinafter referred to as the 'claimant') to monies awarded by the learned arbitrator.

2. Admittedly in 1987, the MDA invited two separate tenders for construction of 62 MIG and 92 LIG houses. Two separate bids were submitted by the claimant for award of the aforesaid two works. They were accepted by MDA. Two separate contract bonds - for construction of 62 MIG and 92 LIG houses, were then executed between the parties on 17.02.1987 and 12.05.1987. The work itself was to be completed within ten months from the date of commencement. However, it remains a fact, despite repeated extensions of time granted, the work could not be completed by the claimant. Ultimately, the MDA cancelled the two contract bonds awarded to t