(1.) This Original Petition has been filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter called 'the Act') to set aside the award dated 27.2.2001 passed by the arbitrators/respondents 2 to 4 insofar as in allowing the claim of the 1st respondent.
(2.) In 1994 the petitioner Port Trust decided to hire a Tug in order to supplement the requirement of the Trust's fleet to assist the ships manoeuvring in the port. The hiring was for a period of 1 year and a tender was floated inviting offers.
(3.) The 1st respondent participated in the tender and their offer was accepted and a contract was entered into between the petitioner and the 1st respondent.