S.C.Gupte, J. - (1.) Heard learned Counsel for the parties.
(2.) This arbitration petition challenges an award passed by a sole arbitrator in a reference arising out of a sub-contract agreement between the Respondent-employer and the Petitioner-contractor. The facts of the case may be briefly noted as follows:-
(3.) Indian Oil Corporation Ltd. ('IOCL') had undertaken the work of construction of Motor Spirit Quality Up-gradation Unit ('MSQU') at its Gujarat Refinery. The work involved various items, including civil structure and underground piping work. This particular work was awarded by IOCL to the Respondent-Indian Oil Tanking Ltd. ('IOT'), which was a joint venture between IOCL and IOT Infrastructure and Energy Services Ltd. IOT floated tenders for offering this work on sub-contract basis. The Petitioner-Khurana Constructions ('Khurana') submitted its offer to IOT. IOT accepted the offer and issued a Letter Of Intent (LOI) to Khurana for carrying out civil and underground piping work. A formal agreement dated 28 February 2005 was executed between IOT and Khurana. The parties separately agreed to what were known as special conditions of work relating to the sub-contract. The LOI, formal agreement and special conditions together form the sub-contract. The disputes between the parties arose out of this sub-contract. Khurana was the claimant, whereas IOT was the Respondent and counter-claimant.;