J U D G M E N T

1. The present petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short „the Act‟) against the arbitral award dated 15.05.2023 (for brevity „the award‟).

2. The facts shorn of unnecessary detail are that the respondent on 21.04.2015, issued Notice Inviting Tender (for short „NIT‟) for design, manufacture, supply, transportation and delivery of Ballastless Track Fastening for standard gauge railway track (1435 mm) with 60 kg 1080 grade rail for installation of ballastless track in elevated and underground sections of Mukundpur–Lajpat Nagar (excluding Line-7) of Delhi MRTS Project Phase-III.

2.1 The petitioner was the successful bidder and the Letter of Acceptance (LOA) dated 21.05.2015 was issued. On 09.10.2015, the parties executed Contract CT-1A (for brevity „the contract‟). The respondent by communication dated 04.08.2016 (hereinafter referred to as „variation order‟) varied the quantity of the ballastless track fastening sets (for short „sets‟) to be supplied under each of the categories and the total quantity increased from 1,86,500 sets to 1,98,715 sets. The details of the change in quantities of sets pursuant to the variation