Prathiba M. Singh, J.

1. This hearing has been done through hybrid mode.

Background

2. The present petition has been filed under Section 11(6) of the Arbitration and Conciliation Act, 1996 (hereinafter, ‘the Arbitration Act’) by the Petitioner -M/s. Advance Stimul, a consortium of M/s. PKP Stimul as the leader and M/s. Advance Steel Tubes Ltd. as its member. The Petitioner and Respondent - GAIL (India) Limited, had entered into an agreement dated 14th October, 2011 for pipeline laying and associated works for Lingala - Kaikaluru isolated field grid with KG-Basin Pipeline network from Hanuman Junction to VCL Project (hereinafter, ‘subject work’). The Petitioner emerged as the lowest bidder and the contract was executed on 17th November, 2011.

The Letter of Acceptance dated 9th February, 2012 in favour of the Petitioner was issued by the Respondent, for the subject work estimated at contract value of Rs. 13,84,14,983/-. The agreed date of completion for the subject work was 13th April, 2012. However, further extensions were sought and subsequently provided, due to delays. Eventually, the subject work is stated to have been concluded sometime in March 2016.

3. During the exe