1. This is an appeal from the judgment and order dated 18.08.2011 delivered in Misc.(ARB) 02 of 2009 by the District Judge, West Tripura, Agartala whereby the award passed by the sole arbitrator in Arbitration Proceeding No. ARB/PP/01/2006 has been set aside.

2. Briefly stated, the essential facts are that the respondent and the appellant entered in a job contract by the agreement No. AGT/DS/CHEM/JOBCONTRACT/TEND-1/2003-04 and 2004-05 dated 28.05.2003 for mud handling and other miscellaneous unskilled works at the drilling sites of the ONGC, the appellant herein, for the year 2003-04 and 2004-05 with a provision for renewal for further one year, if required. The fact which is undisputed is that the respondent, herein after referred to as contractor, deposited a sum of Rs.4,77,360/- in the form of special term deposit for two years in the name of F & AO, ONGC Limited, Tripura Asset, Agartala as per the terms in the agreement as the security deposit for due and proper performance of contract. There was no allegation against the contractor as regards the performance of contract. The contractor discharged all his contractual obligations and finally the contract expired on 31.03.2