Sabyasachi Bhattacharyya, J. - (1.) Upon completion of oral arguments and filing of written notes of arguments by both sides, the matter is being taken up for passing judgment.
(2.) The present proceeding, under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the 1996 Act") arises at the instance of the respondent in the arbitration proceeding, challenging the partial grant of award by the learned Arbitrator.
(3.) In brief, the present petitioner, namely, United Conveyor Corporation (India) Private Limited, was a contractor under the Damodar Valley Corporation (DVC) and had granted the claimant (present respondent), namely, Pravash Kumar Mukherjee a sub-contract for construction of a dry ash handling system by a Work Order dated May 25, 2007. Subsequently, the claimant, that is the present respondent, referred the matter to arbitration, making a claim under various heads as follows: a) unpaid amount against 5th Running Account Bill (RA Bill) for Rs.28,43,727/-, b) loss of business opportunity and profits at the rate of 15% of the entire contract value pursuant to a so-called arrangement between the claimant, the petitioner and a third party, namely, KEC, amounting to Rs.33,34,226/-, c) refund of Works Contract Tax, d) damages, and e) interest.;