O R D E R

This Original Petition has been filed, challenging an award dated

02.11.2009, passed by an Arbitral Tribunal constituted of three Arbitrators.

2.For the sake of convenience, 'petitioner' and '1st respondent' will be referred to by their rank in the Arbitral proceedings, i.e., as 'claimant' and 'respondent' respectively.

3.The brief facts of the case would run thus:

3.1.The respondent M/s.Neyveli Lignite Corporation Ltd. is a Central Public Sector Undertaking and it is primarily engaged in mining lignite and generation of electricity using lignite. In the year 2005, the respondent decided to close down Briquetting and Corborandum Plant, erected in 1960's and to dispose of the said plant as a whole in one lot on 'AS IS WHERE IS BASIS' and on 'NO COMPLAINT BASIS'. In January 2005, e-auction notice was issued by M/s.MSTC, which is also a Central Public Sector Undertaking.

E-auction was held on 19th and 20th January 2005. The claimant M/s.Chitrahar Traders became the successful bidder for a value of Rs.70,01,00,019.00. As contemplated under the special terms and conditions of the e-auction, the claimant deposited a sum of Rs.30,00,000/- (Rupees thirty lakhs only) as Caution Deposit