PRAFULLA C. PANT, J. :- This appeal, preferred under Section 37 of the Arbitration and Conciliation Act, 1996, is directed against the judgment and order dated 11-1-2005, passed by learned District Judge, Dehradun, in Misc. Arbitration Case No. 46 of 2003, whereby the said Court has refused to set aside the award given by the Arbitrator.

2. Heard learned counsel for the parties and perused the record.

3. Brief facts of the case are that appellant No.1-Council of Scientific and Industrial Research (hereinafter referred as C. S. I. R.) is doing research in the field of Science and Technology. Appellant No.2 Indian Institute of Petroleum (hereinafter referred as I. I. P.) is a constituent Laboratory under C. S. I. R. and is a society registered under Societies Registration Act. Respondent M/s. Goodman Drug House Pvt. Ltd. (hereinafter referred as Goodman), which is a private limited company registered under the Companies Act, entered into an agreement on 21-8-1996 with the appellant for the purpose of setting up a project for conversion of Menthone to Menthol. The scope of project and time schedule of the work is mentioned in Annexure-1 to the agreement, which provided five mo