The challenge in this petition is to the Award dated March 24, 2006, whereby the learned Arbitrator has dismissed the claims made by the petitioner herein.
Facts
2. On January 20, 1985 a notice inviting tender for the work of construction of Garrage Head Regulator and other appurtenant works for Tanakpur Hydroelectric Project situated in the state of Uttar Pradesh (now Uttranchal) was issued by the respondent corporation. The petitioner submitted its tender on April 22, 1985 which was accepted and a letter of intent (LOI) was issued on October 15, 1985 followed by letter OMP 294/2006 Page 1 of 22 of award dated December 26, 1985. A formal agreement was executed between the parties on February 05, 1986. The terms of contract stipulated that the petitioner was to commence the works within 30 days after issuance of letter of award. Any failure on the part of the petitioner would have also led to cancellation of project and forfeitur