- (1.) THIS application under Section 34 of the Arbitration and Conciliation Act, 1996, hereinafter referred to as the 1996 Act, is for setting aside an award dated 19 th September, 2005 passed by the Arbitral Tribunal awarding in favour of the respondent a sum of Rs.7,36,80,440/- with interest at the rate of 12% per annum.
(2.) THE respondent claimant is engaged in the business of execution of civil engineering construction work for different departments of the Central and State Governments as well as public sector undertakings. The State of West Bengal being the petitioner was granted loan assistance by the Asian Development Bank under the second road improvement project, which is known as the Asian Development Road Project.
(3.) PURSUANT to tender notice No.ADB-2/WB/S-9/1991-92, the respondent claimant submitted its tender and was awarded contract for improvement of a stretch of Panagarh ­ Moregram Road of about 33 kilometres, between Dubrajpur (48km point) and Mohammad Bagar (81km point) at a total cost of Rs.39,67,23,985/- with a 28% rebate.;