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2. Facts necessary for disposal of the petition are: that petitioner filed the above petition pleading therein that they are contractors engaged in the construction industry for several years. First respondent is a trust established by the Government of India, Ministry of Human Resources Development. Second respondent was the construction management agency of first respondent. They called tenders for construction of Kalanidhi Kalakosha for Indira Gandhi National Centre for Arts at No. 5, Rajendra Prasad Road, New Delhi (for short 'IGNCA'). Petitioner's tender was accepted and work was awarded to them for Rs. 23,91,83,798/-. On 23.8.96 parties entered into a contract, which contained the mode of resolution of disputes arising between them (for short, "the agreement"). The Arbitration Clause reads as under: