Navin Chawla - (1.) This petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the "Act") has been filed by the petitioners challenging the Arbitral Award dated 27.03.2017 read with order dated 25.05.2017 making certain corrections therein, passed by the Arbitral Tribunal adjudicating the disputes that have arisen between the parties in relation to the agreement executed between the parties for installation of Oxygen and Nitrogen Plant on Build-Own-Operate (BOO) basis by the petitioners for the Panipat Naphtha Cracker Project (PNCP) of the respondent at Panipat (Haryana).
(2.) The respondent had invited bids for the above project by a letter inviting bid on 30.09.2005. Clause 2 of the letter described the scope of work as under: "2. BRIEF SCOPE OF WORK The scope of work shall include installation of Cryogenic Oxygen and Nitrogen (N2O2) plant on a site licensed by IOCL within Naphtha Cracker Complex, as per the requirement, conditions and specifications mentioned in the technical volume enclosed elsewhere in Bidding Document. The seller shall install the facilities own and operate the same under the terminology and conditions commonly known as BUILD-OWN-OPERATE (BOO)."
(3.) The letter inviting bid contained annexed therewith, certain other documents including Instructions to Bidders (ITB) as also the Conditions of Agreement (COA).;